South Korean Crypto Market Maker to Face Trial in $59.6M ‘Scam Coin’ Case

South Korean prosecutors are set to try a crypto market maker they think masterminded a $59.6 million altcoin-themed “scam coin” fraud. They arrested the man, surnamed Park and nicknamed Jon Bur Kim, earlier this month on price manipulation-related charges. Prosecutors think that Park, aka “the Coin King,” duped 18,000 investors and bought over a dozen “supercars” with the money he raised. The market maker has already served time in jail for attempting to flee the country. But Park will now face fraud charges, Maeil Shinmun reported. The Seoul Southern District Prosecutors’ Office-run Virtual Asset Crime Joint Investigation Team is heading the case.

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