South Korean authorities have sought a court to issue an arrest order for a cryptocurrency market maker involved in an altcoin fraud case.

According to Yonhap, the market maker, surnamed Park (43) and called Jon Bur Kim, is accused of price manipulation violations.

The Seoul Southern District Prosecutors’ Office’s Virtual Asset Joint Investigation Team claims Park embezzled “a large sum of money” by arranging large-scale cryptocurrency “price manipulations.”

Park developed a sizable social media following, earning the nickname “Coin King.” He routinely shared images of his collection of luxury sports cars and other high-end stuff.

A branch of the Seoul Southern District Court is scheduled to question the suspect before deciding whether or not to issue the warrant.

Prosecutors allege …