South Korea’s Ex-First Lady Drawn Into Crypto Fraud Investigation as Prosecutors Target Altcoin Manipulation Ring

Crypto Raids, Scam Coins And Power Links Put South Korea’s Former First Lady In The Spotlight

South Korean prosecutors are digging deeper into a growing scandal involving former First Lady Kim Keon-hee, as they explore a possible connection to a notorious crypto market manipulator linked to fraudulent altcoin schemes.

The special investigation team looking into Kim’s alleged abuse of power has formally requested access to case files tied to Park, a 44-year-old crypto market maker known online as “Jon Bur Kim.”

Park, whose real surname is Park, is currently facing trial for orchestrating multimillion-dollar “scam coin” operations that allegedly defrauded investors out of hundreds of billions of won.

Secret Crypto Link Or Coincidence?

According to South Korean outlet OhMyNews, prosecutors are now reviewing whether Kim or any of her close associates were tied to Park’s activities.

Park, known online as "Jon Bur Kim" (left), and former First Lady Kim Keon-hee (right)

The outlet reported,

“If the special prosecution team requested the investigation records related to Park, it cannot be ruled out that Kim Kun-hee or someone close to her was involved in the scam coin case, or Park’s alleged crimes, investigation, or trial.”

Kim is under scrutiny for alleged corruption and influence peddling during her husband Yoon Suk-yeol’s presidency.

Yoon was removed from office in early 2025 after an attempted martial law declaration failed in December 2024.

Money Trail Points To Former Investment Chief

One key figure in the widening investigation is Lee Jong-ho, a former investment executive with ties to Kim.

On 21 July, prosecutors summoned Lee for questioning after raiding his home and car days earlier.

Lee once led Blackpearl Invest and is accused of accepting a ₩80 million (roughly $58,000) bribe from a car industry executive involved in a separate stock price rigging case.

Investigators suspect Lee used his proximity to Kim to influence court decisions—allegedly pressing judges to grant the executive a suspended sentence.

Translation:

Kim Keon-hee “40% profit sharing with Black Pearl”

A voice file has emerged indicating a promise to share profits upon successful stock price manipulation.
-> The prosecution already knew about it, hehe.

Authorities believe Lee had access to Kim’s personal bank accounts and may have used them to handle the bribe money.

Stormy Escape Foiled As Crypto Mogul Caught At Sea

Park’s crypto empire came crashing down in dramatic fashion.

In December 2023, he attempted to escape to China by boat, only for a storm to force the vessel back to shore.

The Coast Guard, concerned for the safety of the crew, boarded the ship and found Park stowed away.

He had built a flashy online persona, flaunting imported supercars and luxury goods.

Prosecutors have since seized his assets, including his vehicles, large amounts of cryptocurrency, and real estate holdings both in South Korea and overseas—reportedly worth hundreds of billions of won.

Millions Lost Through Dubious Tokens

Park’s charges stem from two major altcoin schemes.

In 2021, he and software CEO Moon were indicted for issuing and listing a cryptocurrency named Atube, which prosecutors believe was designed solely to siphon investor funds.

That same year, Park is accused of running a similar operation involving another token called Podo, embezzling ₩80 billion using the same playbook.

Both coins were low-cap projects promoted heavily online before collapsing.

Investigators continue to probe Park’s network, with several associates also under legal scrutiny.

Political Fallout Deepens As Investigations Widen

While no formal charges have been laid against Kim Keon-hee in the crypto-related matters, the request for Park’s investigation files signals prosecutors are pursuing potential financial and political ties between the former First Lady’s inner circle and one of the country’s largest crypto fraud cases.

Special prosecutor Min Joong-ki is leading the charge and has yet to publicly confirm any direct link.

However, his focus on individuals like Lee, and the timing of record requests, suggests a coordinated effort to uncover whether public power and private greed crossed paths in South Korea’s highest circles.