During the trial regarding the alleged PicaCoin fraud, Park Gyuri, a member of the group Kara, testified denying her involvement and connections to the alleged crimes.
Park Gyuri's Role in Pica Project
Park Gyuri served as Chief Communications Officer and advisor for the Pica Project, primarily handling art curation and publicity roles. During her testimony, she stressed her lack of involvement in cryptocurrency operations, stating she focused solely on art-related duties.
"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 received a salary...as a curator and publicity manager, planning and promoting exhibitions for artists like Cho Young Nam and Im Ha Ryong." CITE_W_A
Charges Against Song Ja Ho
Song Ja Ho, CEO of the Pica Project, is accused of fraud and market manipulation tied to PicaCoin. Gyuri asserts that any coin transactions she made were at Song's request and promptly reversed. Meanwhile, Song remains the central figure in the trial.
Impact on Cryptocurrency Perceptions
The scandal impacts perceptions of cryptocurrency investments, particularly in South Korea's entertainment sector. With PicaCoin delisted, there's increased scrutiny on celebrity-linked projects. Art enthusiasts remain cautious following Gyuri's personal investment loss in PicaCoin.
Financial experts note Gyuri's investment loss emphasizes the volatile nature of small-cap cryptocurrencies. Despite the case, major digital assets like Bitcoin and Ethereum remain unaffected, reflecting presumed market resilience.
The PicaCoin trial serves as a cautionary tale, with potential regulatory measures looming to better protect investors. As cryptocurrency evolves, the outcome of this high-profile case might influence future legal, financial, and technological policies.
