Park Gyuri, a member of KARA, testified in court about her ex-boyfriend Song Ja Ho, who is accused of fraud in the PicaCoin cryptocurrency project.
Summary of the Allegations
Song Ja Ho, founder of PicaCoin, is accused of fraud and market manipulation involving non-existent art investments. These allegations affect trust in similar crypto projects.
Park Gyuri's Position
Park Gyuri stated her limited involvement in the PicaCoin project, emphasizing that her role was focused on PR and art exhibitions. She denied any involvement in fraudulent activities, saying: "At the time, I didn’t have many entertainment activities and, as someone who enjoys art, I believed I was participating in a legitimate art exhibition and joint purchase business... I never profited from cryptocurrency."
Impact on the Crypto Market
The PicaCoin case raises questions about the risks of investments in celebrity-linked crypto projects. The outcome may influence regulatory responses to celebrity involvement in cryptocurrency ventures and alter investor perceptions.
The situation with PicaCoin underscores the risks associated with unverified investment ventures and could lead to revisions in regulation in this area in South Korea.
