South Korean “crypto operator” Jonber Kim involved in 340000000000 KRW crypto fraud case acquitted at first trial
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Jonber Kim involved in approximately 340000000000 KRW crypto-asset fraud case acquitted at first trial; the other two defendants were sentenced for submitting false materials.
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South Korean “crypto operator” Jonber Kim involved in 340000000000 KRW crypto fraud case acquitted at first trial
PANews October 15 reported, citing South Korean media outlet Digital Asset, that crypto operator “Jonber Kim” (phonetic translation, Mr. Park) was indicted for allegedly being involved in crypto-asset fraud and other cases totaling approximately 340000000000 KRW (approximately 230000000 USD) and was October 15 acquitted at first instance by the Seoul Southern District Court. The court found that although the defendant may have engaged in false advertising regarding the substance of the POD(Podo Coin) and ATT(Atube) projects, the prosecution failed to prove a causal relationship between the relevant conduct and individual investors being misled and purchasing tokens; the charges of manipulating the coin price and misappropriating the proceeds from the sale of Podo Coin were also not supported by sufficient evidence. However, the other two defendants were each sentenced to imprisonment for 4 months, suspended for 1 years...
PANews stated that the report was based on South Korean media outlet Digital Asset.
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“Jonber Kim” (phonetic translation, Mr. Park) was indicted for allegedly being involved in crypto-asset fraud and other cases totaling approximately 340000000000 KRW (approximately 230000000 USD) and related matters.
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October 15, the Seoul Southern District Court acquitted Jonber Kim at first instance.
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The court found that the defendant may have engaged in false advertising regarding the substance of the POD(Podo Coin) and ATT(Atube) projects.
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The court found that the prosecution failed to prove a causal relationship between the relevant conduct and individual investors being misled and purchasing tokens.
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The charges of manipulating the coin price and misappropriating the proceeds from the sale of Podo Coin were not supported by sufficient evidence.
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The other two defendants were each sentenced to imprisonment for submitting false materials during Coinone’s continued listing review and obstructing the exchange’s review process, for 4 months, suspended for 1 years.
AI-assisted interpretation
The following is analysis, separate from reported facts. Verify important claims independently.
This is a first-instance judgment. The court acquitted Jonber Kim mainly because the evidence submitted by the prosecution was insufficient to prove that the promotional conduct caused individual investors to misjudge the situation and purchase tokens, and was also insufficient to support the charges of manipulating the coin price and misappropriating sale proceeds. An acquittal does not mean that the court confirmed all promotional content to be truthful; the report expressly stated that the court found some project promotions may have contained false elements.
Why it matters to readers
The case involves approximately 340000000000 KRW and allegations concerning the promotion of POD、ATT, token trading, and the use of funds. The judgment also indicates that falsifying listing review materials may result in criminal penalties.
Beginners should distinguish between “suspicious promotional activity exists” and “the criminal charges have been sufficiently proven.” The reported first-instance acquittal focused on insufficient evidence and causation; it cannot be used to determine that the relevant tokens are safe, reliable, or worth investing in.
Risks and unknowns
The original text is a media report and did not provide the complete court judgment.
The report ends with an ellipsis, so information about the case and the other two defendants’ judgments may be incomplete.
It cannot be confirmed from the original text whether the prosecution appealed or whether the case has entered any subsequent proceedings.
Related Developments
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Cannot be confirmed from the original text POD、ATT current trading, operational, or funding status.
The accurate identities of “Jonber Kim” and “Park [name withheld]” are not further explained in the original text.
Related concepts
first instance
This term is not in the glossary yet. Browse related concepts in the glossary.
