Coinone Execs Face Prison Sentence For Crypto Bribery Scheme

• South Korean authorities have detained several employees of the cryptocurrency exchange Coinone for breach of trust and other criminal acts.
• The accused allegedly received billions to list specific cryptocurrencies on their platform, and also circumvent listing procedures outlined for the exchange.
• Coinone is one of the leading cryptocurrency exchanges in the country, often counted among the Big 4 crypto exchanges in South Korea.

Coinone Under The Scanner

High drama took place at Coinone after it emerged that the 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. 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.

Ties To A Possible Murder

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 kidnapping from Seoul’s Gangnam District . Authorities suspect that this was done as retaliation against a major crypto investment gone wrong on Coinone’s platform.

Coinone: Part Of The Big 4

Coinone is one of leading cryptocurrency exchanges in South Korea and counts among its ranks as part of „The Big 4“ exchanges operating within Korea’s boundaries – UPbit, Bithumb and Korbit being some others – which together handle over 90%of all trading volume within South Korea itself.. Recently regulations were ben put into effect requiring these exchanges adhere to stricter rules but it seems at least some may not have adhered fully to them thus resulting inthe situation we now see today with several staff members being taken away by authorities for questioning..


South Korean authorities recently took several staff members from cryptocurrency exchange Coinone into custody due to an alleged breach of trust and other criminal activities involving receiving bribes for listing certain cryptocurrencies on their platform as well as circumventing certain listing procedures outlined by regulators relatedly targeting coin listings suspected connected with a possible killing incident taking place in Seoul’s Gangnam district area earlier this week as retribution against an unfulfilled crypto investment gone wrong through said exchange channel..