Did KARA’s Park Gyuri Really Lose Everything in the Pica Coin Fraud? Ex-Boyfriend Says the K-pop Star Was Paid Back in Cash, Gifts—and Even Profited

Park Gyuri Denies Crypto Fraud Involvement Despite Role in Pica Coin Project

K-pop star Park Gyuri, also a member of the girl group KARA, is distancing herself from allegations linked to a cryptocurrency fraud case involving her ex-boyfriend, Song Ja Ho, who is currently on trial over the failed Pica Art Money (PICA) project.

Once listed as Chief Communications Officer and Advisor for the coin, Park now insists she was unaware of its crypto-related activities and had no involvement in any alleged misconduct.

Park Says She Only Promoted Art, Not Crypto

Appearing at the Seoul Southern District Court on 16 July, Park testified as a witness in a case that has gripped South Korea’s crypto and entertainment circles.

Park Gyuri, a former member of the K-pop group KARA, dated Song Ja Ho, the eldest grandson of former Dongwon Construction Chairman Song Seung-heon, after meeting him at an art exhibition in October 2019, before their split in September 2021.

Over a three-hour session, she stated that her role was limited to art curation and promotion.

“At the time, I didn’t have many entertainment activities and, as someone who enjoys art, I believed I was participating in a legitimate art exhibition and joint purchase business.”

Park added she received a salary of around 40.67 million won (about $29,200) while working for a year with the project.

She said her duties involved promoting exhibitions for artists including Cho Young Nam and Im Ha Ryong.

Translation:

After googling, I found PICA's coin.
What kind of coin is this..
They say it can be used to buy artwork and NFTs.
But with a chart like this, it’s clearly not organic with its ups and downs...

Oh, his name is Song Jaho, born in 2000, a chaebol, and he once wanted to run for a seat in the National Assembly too

She firmly denied involvement in crypto activities or any price manipulation, stating:

“I had no knowledge of virtual assets and did not want my photo included in the Pica Token white paper. I never took part in illegal coin-related business or gained any profit from it.”

Kim Hwan-ki's 'Sanwol,' an artwork valued at 50 million won, was the first art piece sold in Korea using the now-defunct Pika Art Money blockchain technology.

She Sold Bitcoin to Buy Pica Coin and Lost Everything

Park revealed she personally invested 60 million won (about $43,500) in Pica Coin in April 2021 after selling her Bitcoin holdings.

But she said she “lost everything” just two months later when the coin was delisted from Upbit in June 2021.

She clarified that any transfers of the coin in her accounts were made at Song’s request and were “immediately returned or transferred.”

Pica Project Claims Park Was Reimbursed in Full

However, Pica Project’s co-CEO Seong Hae Joong disputes Park’s claims.

He alleged that Park was fully reimbursed for her loss in December 2021 by Song, who gave her 60 million won in cash “out of pity.”

This was despite the couple reportedly ending their relationship in September 2021.

Seong provided local outlet iMBC with screenshots of a KakaoTalk conversation that appeared to show Park discussing the compensation with Song.

In one message dated 8 December 2021, Park allegedly asked,

“When exactly are you going to send me the money?”

To which Song replied,

“Before the end of the month.”

Park then appears to correct him, saying,

“It wasn’t 50 million, but actually 60 million.”

(translated image of the screenshot)

Was It a Personal Loss or a Covered One?

Seong went further, claiming that Park did in fact profit from the cryptocurrency.

He told media that Park personally gained 26 million won (roughly $19,000) from selling the coin, contradicting her public claim of making no earnings.

He also alleged that between March and May 2021, she received luxury gifts—including watches, designer bags, and cash—from Song, valued at about 60 million won.

“Her assertions are one-sided and lack credibility.”

Seong was implying that she wasn’t a mere bystander but a key figure who benefited financially.

Photos and Titles Used Without Consent?

Park maintained she did not agree to being named CCO or having her photo appear in the project’s white paper.

She told the court she was never asked for permission and did not expect to be affiliated with a crypto project.

In her statement to the court, she asserted,

“I knew nothing about cryptoassets.”

Legal Case Against Song Continues

The broader investigation into the Pica Coin scandal began in 2023.

Song Ja Ho, who is also known as the grandson of the former Dongwon Construction chairman, is accused of soliciting investor funds for art pieces he did not own.

Prosecutors believe he also manipulated the coin’s price to orchestrate a rug pull.

Song was indicted and arrested in July 2023 on charges including fraud, breach of trust, obstruction of business, and violating the Capital Markets Act.

Park’s Agency Stays Silent While She Seeks Closure

Attempts to get comments from Park’s agency, Big Boss Entertainment, were reportedly unsuccessful.

However, Maeil Kyungjae quoted her representatives saying,

“We cannot comment on matters connected to Ms. Park’s private life.”

Park, who debuted with K-pop group KARA in 2007 and rejoined the reformed band in 2022, has publicly expressed frustration about still being associated with the case.

She previously wrote on social media,

“Why am I not being allowed to move on from this?”