While South Korean authorities are no strangers to financial scandals, the latest crypto scheme has taken things to a whole new level of absurd. Former First Lady Kim Keon-hee finds herself at the center of a massive investigation into cryptocurrency fraud and market manipulation, with prosecutors probing her potential ties to notorious “Coin King” Jon Bur Kim, whose real name is Park.
Park, the mastermind behind this mess, managed to fleece about 18,000 investors out of $59.6 million through fraudulent coins like Atube and Podo. The guy had quite a collection to show for it too – thirteen luxury cars including a Bugatti Divo and Ferrari LaFerrari. Nothing says “totally legitimate business” quite like a garage full of supercars bought with other people’s money.
The special prosecution team isn’t messing around. They’ve summoned both Kim Keon-hee and former President Yoon Suk Yeol for questioning in July 2025. Her associate Lee Jong-ho is also under scrutiny for allegedly receiving a $58,000 bribe related to stock manipulation. Special prosecutor Min Jung Ki is leading the intensive probe into Kim’s activities. While they haven’t confirmed Kim’s direct involvement yet, they’re certainly not ruling out her indirect participation or knowledge of the scheme. The whole thing stinks worse than week-old kimchi.
This isn’t just another crypto scam. The investigation has sparked a national debate about political corruption and crypto market regulation in South Korea. Local media outlets like Maeil Shinmun and OM News are having a field day with the story, especially given Kim’s already controversial history with stock manipulation and academic fraud allegations.
The accused mastermind Park tried to make a dramatic escape to China by boat in 2023. Spoiler alert: it didn’t work. The coast guard nabbed him, and now he’s facing fraud and market manipulation charges along with his associates.
Meanwhile, investigators are connecting dots between various cases, raiding locations, and seizing assets faster than you can say “blockchain.”
For South Korean authorities, this case represents more than just another crypto crackdown. It’s a high-stakes game involving political figures, massive fraud, and enough luxury cars to fill a showroom. The investigation continues, and the public watches with bated breath.
