K-pop star Park Gyuri testified in Seoul Southern District Court on July 24, 2025, denying involvement in alleged cryptocurrency fraud tied to the PicaCoin project led by her ex-boyfriend, Song Ja Ho. As Chief Communications Officer and advisor for the Pica Project, Gyuri asserted her role was limited to art curation and publicity, stating: "I believed I was participating in a legitimate art exhibition and joint purchase business... planning exhibitions for artists like Cho Young Nam." She claimed any coin transactions were made at Song's request and reversed.
Song Ja Ho, ex-CEO of Pica Project, faces multiple charges including fraud and market manipulation related to PicaCoin. The trial highlights risks in celebrity-linked cryptocurrency ventures, with PicaCoin already delisted from exchanges. Financial experts note the case underscores volatility in small-cap coins, though major assets like Bitcoin and Ethereum remain unaffected. Regulatory scrutiny may intensify in South Korea, potentially leading to tighter oversight of digital assets.
The proceedings serve as a cautionary tale for investors, emphasizing due diligence amid growing concerns over entertainment industry ties to crypto projects. Market analysts warn the outcome could influence future legal frameworks and investor protection policies globally.