Virtual Asset Fraud Case Involving 'Cheongdam-dong Stock God' Transferred to Seoul Police

According to Foresight News, the virtual asset fraud case involving Lee Hee-jin, known as the 'Cheongdam-dong Stock God,' has been transferred from the Gangnam Police Station to the Financial Crimes Investigation Unit of the Seoul Metropolitan Police Agency. Lee was previously sued by his partner, the representative of Pica Coin's issuing company, for failing to pay a settlement of approximately 1.88 billion KRW. The lawsuit was later expanded, claiming damages had reached 28 billion KRW. The two had signed an agreement in 2020 to jointly develop a token for fractional investment in artworks, but Lee allegedly did not adhere to the agreed profit-sharing ratio. Lee Hee-jin is also facing separate charges for allegedly conducting a 90 billion KRW fraud through false advertising and market manipulation involving Pica Coin and two other tokens. He was arrested in October 2023 and was granted bail in March 2024.