The cryptocurrency world has witnessed its share of scandals—from the $1.4B Bybit hack in 2025 to the $8.9B FTX collapse in 2022. Now, another shocking case has surfaced—Pica Coin fraud, involving $24 million in alleged embezzlement and a surprising celebrity connection.
The case has rocked South Korea’s crypto space, affecting more than 14,000 investors. But what’s making headlines globally is the involvement of K-pop idol Park Gyuri’s ex-boyfriend, and the questions around her role in the controversial crypto project.
The Pica Coin case revolves around a fraudulent scheme involving fake art sales and market manipulation. Investors were promised high returns through an art-themed cryptocurrency, but prosecutors allege the coin’s promoters embezzled billions of Korean won.
Authorities claim that the scheme lured unsuspecting crypto users by falsely inflating the coin’s value and fabricating partnerships and exhibitions.
The fraud gained explosive attention when it was revealed that Song Ja-Ho, the main suspect, is the former boyfriend of K-pop singer and actress Park Gyuri, known for her role in girl group KARA.
Although she denies any wrongdoing, Park’s title as Chief Communications Officer and Advisor for Pica Coin has raised eyebrows. She maintains she was merely a salaried curator for art exhibitions and not involved in crypto dealings.
She even stated that her image was used in the project’s whitepaper without consent and that she “gained nothing” from the token’s launch.
Park claimed she lost $43,566 when Pica Coin was removed from Upbit in June 2021.
But in a surprising twist, Pica Coin’s CEO Seong Hae-joong countered her claims, stating she was reimbursed by Song in December 2021. To prove his point, he leaked chat screenshots reportedly showing Park receiving compensation.
He also disputed her claim of not benefiting from Pica Coin at all.
The Pica Coin case is still under active investigation. Founder Song Ja-Ho is facing charges of fraud and embezzlement. Meanwhile, Park Gyuri has already testified in court, denying any involvement in illegal activities.
This case has put a spotlight on the growing risks of celebrity involvement in crypto promotions.
Park Gyuri isn’t the first public figure to be caught in a crypto controversy. Numerous celebrities have promoted questionable tokens, often without disclosing compensation:
These endorsements often mislead fans and investors into thinking the tokens are safe or profitable, only to watch them crash dramatically.
Pica Coin was an art-themed cryptocurrency promising high returns but was later exposed as a fraudulent scheme in South Korea.
Pica Coin fraud involved $24M in embezzlement through fake art sales and price manipulation, affecting over 14,000 South Korean investors.
Park Gyuri is a K-pop idol and former CCO of Pica Coin, sued amid the fraud; she denies wrongdoing and says she lost $43K.
She denies involvement, saying she only curated exhibits and received no profits or decision-making roles.
CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.
All opinions and insights shared represent the author's own views on current market conditions. Please do your own research before making investment decisions. Neither the writer nor the publication assumes responsibility for your financial choices.
Sponsored content and affiliate links may appear on our site. Advertisements are marked clearly, and our editorial content remains entirely independent from our ad partners.
XRP, the native token of Ripple, has been struggling to regain upward momentum after facing…
The crypto market remains volatile as Bitcoin consolidates above the $108,000 mark, while Solana (SOL)…
The Federal Reserve is widely expected to cut rates in the upcoming meetings. Markets are…
The AVAX price has been steadily gaining traction as Avalanche climbs to the RWA's top…
Last week, Ripple announced a $1 billion acquisition of GTreasury, showing the growing demand for…
Crypto and fintech groups are pushing regulators to protect consumers’ rights over their financial data.…
