Involved in Pica Coin fraud, Lee Hee-jin of South Korea transferred to Seoul Police Station with new charges of $19.27 million

ChainCatcher reports that, according to News1, the virtual asset scam case involving Lee Hee-jin (pronounced), dubbed the “Cheongdam-dong Stock God,” has been transferred from the Seoul Gangnam Police Station to the Seoul Metropolitan Police Agency Financial Crime Investigation Unit.

Lee Hee-jin was previously sued by his partner and the representative of Pica Coin issuing company, accusing him of failing to pay approximately 1.88 billion KRW in settlement funds as agreed. He was subsequently additional sued, with damages reaching 28 billion KRW (about 19.27 million USD). The two signed a contract in 2020 to jointly develop tokens for art fragmentation investment, but Lee Hee-jin is accused of not adhering to the agreed profit-sharing ratio.

Earlier, Lee Hee-jin was tried in another case for allegedly conducting a scam involving three tokens, including Pica Coin, worth 90 billion KRW (about 61.95 million USD), through false advertising and market manipulation. He was arrested in October 2023 and was granted bail in March 2024.