This arrest took place only a few weeks later after being released on bail in another crypto fraud case.

Seoul Southern Regional Court issued an arrest warrant against the park on February 20. The court demonstrated the risk of obscure evidence and escape as a reason for the arrest warrant. This development, which has aroused a great impact in South Korea, has once again revealed how serious the claims of fraud has become in the crypto currency market.

Prosecutors claim that between March 2021 and April 2022, the park and the criminal partner, Mr. Moon, organized the fake expulsion of Artube tokens and the listing of the stock exchange.

It is claimed that the duo has defrauded investors by manipulating the prices and making misleading explanations. Park’s criminal partner Moon was arrested for the same accusations.

This new arrest is evaluated with another crypto fraud case in which Park was previously involved. The park was tried on a previous fraud charges of Podo Coin. In this case, he was accused of embezzling an investment fund worth 20 billion Won (about $ 14 million).

In January, he was released by the court on bail and continued his trial without arrest. However, when the prosecutors revealed additional fraud activities about the Arture tokens, the park was once again detained.

The authorities have long been studying Park for a long time in the crypto money market due to market manipulation and illegal financial activities. The park had a large audience by exhibiting the luxury lifestyle on social media.

The park, which has become a phenomenon for crypto investors, often came up with expensive cars and luxury properties. However, investigations point out that he obtained this wealth illegally.

According to prosecutors allegedly, Park bribed to stock market managers to facilitate the listing of token and manipulated the prices by manipulating a large amount of money from investors. Such manipulations brought with it increasing pressure in South Korea to make crypto arrangements more strict.

Park’s history draws attention with escape initiatives. In December 2023, he tried to escape from South Korea by riding a fishing boat to go to China. However, he was caught when he had to go back to the boat because of a storm.

After this incident, he was sentenced to imprisonment on the grounds that he had violated the laws of smuggling, but his sentence was alleviated as a result of the appeal.

The re -arrest of the Park shows that the struggle against crypto frauds in South Korea is increasingly intensified. Authorities continue to take harsh measures to prevent similar manipulations in the market.