Ex-South Korean President Yoon Under Fire as Prosecutors Grill Alleged ‘Crypto Fraudster’ in Explosive Probe

South Korea's political and crypto worlds collide as prosecutors turn up the heat on a high-profile investigation.

Former President Yoon finds himself back in the spotlight—but not for reasons he'd like. Prosecutors have reportedly hauled in a suspected cryptocurrency scammer for questioning, dragging the ex-leader's name into yet another financial scandal.

The timing couldn't be worse. With crypto markets bouncing back and institutional money flooding in, this kind of drama is exactly what regulators don't need. Then again, when has that ever stopped politicians from getting their hands dirty?

No concrete numbers have surfaced yet, but insiders suggest the alleged fraud could involve sums that'd make even a Wall Street banker blush. Typical—just when retail investors start regaining faith in crypto, the old guard reminds everyone why we needed blockchain transparency in the first place.

One thing's certain: in the high-stakes poker game of Asian crypto politics, the house always wins. Even when it's under investigation.

Former President Yoon: Arrest Warrant Incoming?

Prosecutors are investigating Kim Keon-hee along with Yoon, who failed in a bid to declare martial law in South Korea in early December last year.

Yoon’s refusal to share iPhone passcode disrupts special probehttps://t.co/c8NXMuUcLc

The former President was later impeached. He has since been charged with various corruption-related offences.

But Former President Yoon has twice refused to respond to court summons requests. This has led prosecution officials to consider requesting an arrest warrant.

Yonhap reported that the probe has also expanded to Yoon and Kim’s associates. The South Korean news agency wrote that the special prosecution team is believed to be investigating the former senior prosecutor Kim Sang-min.

Prosecutors believe Kim Sang-min may have “received illicit money” from the chief suspect in a crypto fraud case.

Media outlets assume that this is Park, who is accused of embezzling 80.9 billion won ($58.1 million) worth of investors’ money.

Prosecutors think that Park gave Kim Sang-min money to pay for motor vehicle rental fees. Kim Sang-min then allegedly used this money to pay for the vehicles as he attempted to win the People Power Party nomination for the Changwon Uichang district seat ahead of the April 10 legislative election last year.

Kim Sang-min was ultimately unsuccessful in his bid, and was eliminated during the primaries. But prosecution officials appear to think that Kim Keon-hee used her influence to help him run.

The special counsel team investigating allegations surrounding former first lady Kim Keon Hee has requested an arrest warrant for former President Yoon Suk Yeol, the team announced Wednesday. https://t.co/c7xp77LPWD

Rug Pull Suspect Summoned

The latest development appears to confirm reports from earlier this month. These claimed that the special prosecution team had asked to see the Park/scam coin case files.

Prosecutors think that Park and a CEO surnamed Moon stole hundreds of billions of won. They think the duo issued and listed a suspected scam coin named Atube in 2021.

They have also accused Park of masterminding a rug pull scam for a token named Podo Coin, also in 2021.