[Lee Hee-jin Transferred to Seoul Police Department for Investigation into Virtual Asset Fraud]
On January 8, Korean media reported that Lee Hee-jin, known as the 'Cheongdam-dong Stock God,' has been transferred from the Gangnam Police Station in Seoul to the Financial Crimes Investigation Unit of the Seoul Police Department due to allegations of virtual asset fraud. Lee Hee-jin was previously sued by the representative of the Pica Coin issuing company for failing to pay approximately 1.88 billion KRW in settlement funds. The lawsuit was later expanded, claiming damages amounting to 28 billion KRW (approximately $19.27 million). Lee Hee-jin had previously served time for stock manipulation fraud and, after his release, was suspected of manipulating the issuance of crypto projects such as Pica Coin. Pica Coin was once listed on the Korean trading platform Upbit but was delisted in June 2021 due to fraud-related issues.