South Korea's "Stock God" Lee Hee-jin under investigation for virtual asset fraud: Pica Coin case losses exceed 1.9 billion

【Blockchain Rhythm】The Financial Crime Investigation Unit of the Seoul Police Department in South Korea recently took over a virtual asset scam case. Lee Hee-jin, known as the “Cheongdam-dong Stock God,” has been transferred from the Gangnam Police Station in Seoul to this department for further investigation on suspicion of fraud.

The origin of this case stems from a dispute between Lee Hee-jin and his partner, the representative of Pica Coin issuing company. Initially, the other party accused Lee Hee-jin of failing to pay approximately 1.88 billion KRW in settlement funds as per the agreement. However, as the investigation deepened, the amount of damages continued to grow—additional charges indicate that the actual loss has risen to 28 billion KRW, approximately $19.27 million.

This is not Lee Hee-jin’s first criminal record. He previously served time for stock manipulation fraud from 2016 to 2020. After being released, he seemingly fell back into similar patterns—allegedly manipulating multiple crypto projects behind the scenes in the virtual asset space.

One typical case is Pica Coin, which was active from 2020 to 2021. This Korean crypto project attracted attention by promoting art fragment investment, claiming that investors could jointly hold famous artworks and earn high returns. The project was listed on several trading platforms, including Upbit, and gained considerable attention for a time. However, the good times did not last long; the project was soon exposed for suspected fraud, leaving investors with significant losses. In June 2021, Upbit ultimately delisted Pica Coin.