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.
Pica Coin Fraud
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.
- Total Alleged Loss: ~$24 million
- People Affected: Over 14,000
- Coin Status: Delisted from exchanges after exposure
Authorities claim that the scheme lured unsuspecting crypto users by falsely inflating the coin’s value and fabricating partnerships and exhibitions.
K-pop Star Park Gyuri Drawn into the Case
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.
Did Park Gyuri Lose $43,566 in the Coin?
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.
Where Does the Investigation Stand?
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.
Celebrity Endorsement Scams in Crypto
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:
- Kim Kardashian – Promoted EthereumMax, later fined by the SEC
- Lindsay Lohan – Promoted Tron, fined for nondisclosure
- Tom Brady, Larry David – Faced lawsuits after endorsing FTX
These endorsements often mislead fans and investors into thinking the tokens are safe or profitable, only to watch them crash dramatically.
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FAQs
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.
