South Korean "crypto market manipulator" Jonber Kim acquitted in first trial over 340 billion won crypto fraud case

PANews reported on October 15, citing South Korean media outlet Digital Asset, that cryptocurrency market manipulator "Jonber Kim" (a transliteration; surname Park), who was indicted in connection with a crypto asset fraud case involving approximately 340 billion won (about $230 million), was acquitted in the first trial by the Seoul Southern District Court on October 15.

The court held that although the defendant may have engaged in false advertising regarding the substance of the POD (Grape Coin) and ATT (Atube) projects, the prosecution failed to prove a causal relationship between the relevant conduct and individual investors falling into mistaken beliefs and purchasing the tokens; the charges of manipulating coin prices and misappropriating proceeds from the sale of Grape Coin were also not supported by sufficient evidence. However, two other defendants were sentenced to four months in prison with one year of probation, and six months in prison with two years of probation, respectively, for submitting false materials during the Coinone listing renewal review process and obstructing the exchange's review work.