Virginia Man Convicted of Defrauding Investors Hid Millions in Crypto, Reported Only $0.34 in Bankruptcy

A federal jury in Alexandria, Virginia, convicted 52‑year‑old Jihoon Park of multiple fraud offenses after prosecutors said he stole more than $2.5 million from investors and concealed cryptocurrency assets while filing for bankruptcy.

Fraud scheme and asset transfers

According to the Justice Department, Park used personal relationships and a former affiliation with a large national financial institution to persuade victims to invest, promising safe investments and high returns. He allegedly moved the money to himself, using part of it to purchase a house in Chantilly for about $1.2 million and to acquire cryptocurrency.

Bankruptcy filing and hidden crypto

Park’s Chapter 7 bankruptcy case, filed on January 14 2025 in the Eastern District of Virginia, listed only $0.34 in financial assets and denied ownership of any cryptocurrency. Prosecutors argue the omission was intended to avoid repaying victims.

Legal outcomes

The jury convicted Park on three wire‑fraud counts (each carrying up to 20 years) and two bankruptcy‑fraud counts (each carrying up to five years). Sentencing is scheduled for December 10, with a potential sentence of decades in prison.

Related bankruptcy disputes

A bankruptcy trustee sought to recover the down‑payment used for the Chantilly house, while an investor who provided a $300,000 check in August 2024 pursued an interest in the property. The court held that the trustee’s avoidance powers take precedence, and Park waived his discharge, keeping personal liability for the debts.

Broader context

The case follows other recent fraud prosecutions involving cryptocurrency, including a July case alleging $20 million losses from concealed digital‑asset transfers and an August verdict against the Block Bits fund for a non‑existent automated trading system.