Coinone Execs Arrested for Bribery, Breach of Trust, and Possible Murder16. April 2023
• South Korean authorities arrested several staff members of the cryptocurrency exchange Coinone for breach of trust and other criminal acts.
• The executives in question had allegedly received billions to list specific cryptocurrencies on their platform.
• One of the coins listed on the exchange could also be tied to a possible murder.
Coinone Under The Scanner
High drama took place at Coinone after it emerged that the exchange’s executives could go to prison. Prosecutors in South Korea have claimed that the executives in question had received billions to list specific cryptocurrencies on their platform. As a result, authorities detained several employees of the exchange.
Details Of The Fraud
Authorities stated that the head of Coinone’s listing division, Kim Mo, broke the Concealment of Criminal Proceeds Act. He also faced allegations of breach of trust, along with another individual, Hwang Mo. As a listing broker, Hwang allegedly paid 2 billion won ($1.5 million) to Kim. These transfers were bribes in exchange for Kim listing specific cryptocurrencies on the Coinone platform. Investigators claimed that one of the coins listed on the exchange could also be tied to a possible murder.
„Furever Coin“ listed on the exchange was tied to a possible murder in a case that involved the kidnapping of a 48-year-old individual from Seoul’s Gangnam District. Authorities suspect that this crime was committed as retaliation for an investment gone wrong related to Coinone’s trading platform.
Coinone’s Big 4 Status
Coinone is one of the leading cryptocurrency exchanges in South Korea, often counted among its Big 4 crypto exchanges alongside UPbit, Bithumb and Korbit – who together handle over 90% percentof crypto trading volume within South Korea.. Following stricter regulations set out by local regulators recently, Coinone has successfully met all requirements needed for continued operation within South Korea’s marketspace .
The arrest warrants were issued by Seoul Southern District Court Chief Judge Kim Ji-Sook; who deemed it necessary to detain them due to fears they may escape prosecution before judgment day arrives..