"Cheongdam-dong Stock God" Trap: Lee Hee-jin Faces New $19.27 Million Allegation

2026-01-08 10:40:07

Korea’s crypto scam case escalates again. Lee Hee-jin, who previously defrauded over $60 million through false advertising, now faces new charges of $19.27 million due to a dispute over Pica Coin collaboration. The case has been transferred from Gangnam Police Station to the Seoul Metropolitan Police Agency Financial Crime Investigation Team. Once dubbed the “Cheongdam-dong Stock God,” this individual is now under investigation amid multiple fraud allegations.

Case Development: From Civil Dispute to Criminal Investigation

Lee Hee-jin’s issues are not caused by a single incident but are a series of escalating fraud allegations. According to the latest reports, the core of the new charges is a cooperation agreement from 2020.

Details of the new charges

In 2020, Lee Hee-jin signed a contract with the representative of Pica Coin issuing company to jointly develop tokens for art fragmentation investment. According to the indictment, Lee Hee-jin has two issues:

Failure to pay settlement funds as agreed, with an initial claimed amount of 1.88 billion KRW
Subsequent additional charges, with damages increasing to 28 billion KRW, totaling approximately $19.27 million
Alleged violation of the agreed profit-sharing ratio

This has evolved from a civil dispute into a criminal fraud case, representing a new level of charges faced by Lee Hee-jin.

Past Fraud Cases Scale

Lee Hee-jin is not new to scrutiny over virtual asset scams. In a previous case, she was accused of defrauding three tokens, including Pica Coin, through false advertising and market manipulation, involving a total of 90 billion KRW, approximately $61.95 million. In this case, Lee Hee-jin was arrested in October 2023 and was granted bail in March 2024.

Significance of the Case

The Lee Hee-jin case highlights several key issues in the crypto market:

Dimension	Specifics
Fraud Methods	False advertising, market manipulation, collaboration disputes
Involved Fields	Art fragmentation investment, token issuance
Amount Involved	Single case over $60 million, multiple cases totaling over $80 million
Law Enforcement Attitude	From civil disputes to criminal investigation, ongoing in-depth probes

This indicates that even after being granted bail, authorities continue to investigate other illegal activities. The emergence of new charges suggests that Lee Hee-jin’s problems are far more complex than initially perceived.

Future Observation Directions

Based on current information, Lee Hee-jin’s situation includes:

Ongoing trial for existing fraud cases
New charges handled by the Seoul Metropolitan Police Agency Financial Crime Investigation Team, indicating an escalation
Potential discovery of more illegal activities

Personal opinion: From “Stock God” to a scammer facing multiple layers of charges, Lee Hee-jin’s case warns investors to exercise caution when participating in token investments, art fragmentation, and other new financial products. Meanwhile, Korea’s persistent investigation into crypto scams reflects the firm stance of regulatory authorities.

Summary

The Lee Hee-jin case has evolved into a multi-dimensional fraud accusation system involving over $80 million. The transfer of new charges indicates the case is deepening, with authorities continuing to uncover other illegal activities. This is not only a personal investigation but also a crackdown on false advertising, market manipulation, and similar behaviors in the entire crypto market. Investors should remain vigilant regarding such cases and recognize the risks that may lie behind the “Stock God” halo.

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