• Korean authorities detained Coinone staff members for breach of trust and other criminal acts.
• The head of Coinone’s listing division, Kim Mo, along with Hwang Mo were alleged to have received payments to list certain cryptocurrencies on their platform.
• Coinone is one of the leading cryptocurrency exchanges in South Korea and part of the Big 4 crypto exchanges in the country.
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
Hwang allegedly paid 2 billion won ($1.5 million) to Kim as bribes in exchange for Kim listing specific cryptocurrencies on the Coinone platform. Authorities stated that the ex-director of Coinone, Mr. Jeon, also received payments to facilitate listing certain assets and circumvent listing procedures outlined for the exchange. Investigators claimed that one of the coins listed on the exchange could also be tied to a possible murder.
„Furever Coin“ Connected To Possible Murder
„Furever Coin“ listed on the exchange was tied to a possible murder in a case that involved kidnapping of a 48-year-old individual from Gangnam District of Seoul. Authorities suspect that this murder was done in retaliation for an unsuccessful crypto investment made by someone through Coinone.
One Of The Big 4 Exchanges
Coinone is one of South Korea’s leading cryptocurrency exchanges often counted among its Big 4 crypto exchanges alongside UPbit, Bithumb, and Korbit which are responsible for handling over 90% trading volume within country borders . In order comply with recent regulations set by South Korean regulators , these four platforms had fulfilled all requirements set by them .
South Korea was once again thrust into spotlight due to this incident involving one its biggest crypto exchanges -Coinone . It remains unclear what will happen next as investigations continue but it appears that several members if not all are likely face some type punishment be it monetary or imprisonment depending upon severity charges against them .