Crypto figure denied bail in South Korea over $245M in alleged scams

South Korean crypto figure "Jonbur Kim," whose real surname is Park and whose nickname roughly translates to "HODL Kim," was denied bail on July 30, according to Herald Business. Park will remain in custody as he stands trial. He was previously indicted for allegedly launching a scam token called PODO, pumping its price and cashing out entirely—netting 80.9 billion won ($58.2 million). After being released on bail, he was hit with a second indictment and taken into custody for allegedly issuing another fraudulent token, Artube (ATT), through which he is accused of defrauding investors out of 260 billion won ($187 million).