While most crypto enthusiasts were busy tracking Bitcoin’s latest price swings, South Korean authorities were tracking something else entirely – notorious crypto figure HODL Kim. The self-styled crypto guru, whose real surname is Park, found himself back in handcuffs on February 20, 2025, this time for an alleged $47 million fraud involving a cryptocurrency called Artube (ATT).
Talk about irony – a scammer using “HODL” in his alias, a term that represents long-term investment strategy in crypto circles. But there was nothing patient or legitimate about his approach. Between March 2021 and April 2022, HODL Kim allegedly orchestrated an elaborate scheme that left investors 68 billion won poorer. Similar to the earlier case of wire fraud charges in Chicago, Kim’s pattern of deceptive behavior continued unabated.
Fresh off bail from a previous $14 million crypto scam, Kim apparently couldn’t resist another bite at the fraudulent apple. Along with his accomplice, known only as Mr. Moon, he allegedly fed investors a steady diet of lies about ATT’s technology, partnerships, and potential. The wash trading schemes they employed systematically manipulated ATT’s market price to deceive investors.
The duo’s favorite trick? Good old-fashioned wash trading and pump-and-dump tactics that would make Wall Street wolves blush. Their schemes exploited the blockchain size which had grown beyond 627 GB, making it harder to trace their manipulative activities.
The Seoul Southern District Court wasn’t amused. Citing concerns about evidence tampering and flight risk, they slapped Kim with a new arrest warrant. His rearrest sends shockwaves through South Korea’s crypto community, already reeling from trust issues and regulatory scrutiny.
The case reads like a crypto crime thriller, complete with false disclosures, price manipulation, and unsuspecting victims lured by promises of astronomical returns. But this isn’t fiction – it’s a stark reminder of the wild west nature of cryptocurrency markets.
For South Korean regulators, this case might be the final straw. The incident is likely to trigger stricter penalties for crypto fraud and enhanced legal frameworks for investor protection.
Meanwhile, HODL Kim’s second dance with justice proves that in the crypto world, some people just can’t resist the allure of a good scam – even when they’re already out on bail for another one.
