• South Korean authorities have arrested several staff members of the cryptocurrency exchange Coinone for breach of trust and other criminal activities.
• Prosecutors allege that executives at the exchange received bribes in order to list certain cryptocurrencies on their platform.
• The arrest warrants were issued by Seoul Southern District Court Chief Judge Kim Ji-Sook, who stated that the employees in question could escape and deemed it necessary to detain them.
Coinone Under Scanner
South Korean authorities have taken several staff members of the cryptocurrency exchange Coinone for breach of trust and other criminal acts. Coinone is one of the leading crypto exchanges in the country, often counted among the Big 4 crypto exchanges in South Korea.
Details Of The Fraud
Prosecutors in South Korea have claimed that the executives had received bribes to list specific cryptocurrencies on their platform. The arrest warrants were issued by Seoul Southern District Court Chief Judge Kim Ji-Sook, who stated that these employees could escape and thus must be detained. According to authorities, a 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. It is alleged that Hwang paid 2 billion won ($1.5 million) to Kim as a bribe for listing certain assets on their platform which circumvented standard listing procedures outlined for exchanges in South Korea.
Link To Possible Murder Case
Investigators claim that one coin listed on Coinone might even be linked to a possible murder case involving kidnapping from Gangnam District in Seoul – “Furever Coin” was mentioned as being associated with this case where an investment gone wrong might have been related to a major crime event.
Coinone In Brief
Coinone was founded back in 2014 by Kevin Cha with the goal of serving crypto users based in South Korea before expanding outside into countries such as Indonesia by 2017 as one of four top platforms (also including UPbit, Bithumb, Korbit) handling over 90% percent trading volume within this region with new regulations recently imposed upon them which they fulfilled without any problems so far.
This whole incident has put yet another spotlight upon cryptocurrency sector within South Korea while bringing attention to issues such as money laundering or manipulation amongst others associated with this industry previously not aware off or even considered before now due to lack proper regulation and prevention measures currently still missing within many parts around world today despite increased focus being given it recent times across multiple countries worldwide due continuous rise digital currencies overall popularity year after year now too