We have also witnessed a different dimension of fraud in the cryptocurrency market. This time around, a broker in South Korea has been arrested for allegedly bribing officials of Coinone, one of the major Bitcoin exchanges, in exchange for token listings.
Bribing Bitcoin exchange employees to list tokens!
As you follow on Kriptokoin.com, fraud cases are quite common in the crypto money world. Therefore, the integrity of trading platforms and operators is very important to maintain the trust of investors. Unfortunately, a recent report in Seoul, the capital of South Korea, highlights how some unscrupulous people are trying to profit from the market by resorting to illegal means.
A broker named ‘Mr.Go’ has been arrested and charged with bribery for allegedly trying to offer commissions to Bitcoin exchange Coinone employees, Korean news agency Newsis reported. Mr.Go is said to have made an offer to a former Coinone employee named ‘Mr.Jeon’ in exchange for listing the token on the exchange. The news states that Mr.Go offered tokens and other gifts to Mr.Jeon in exchange for helping him secure his listings in 2020. Although Coinone eventually listed the assets in question, it is unclear whether Jeon’s actions had any bearing on the decision.
Incident around Coinone is under investigation
The investigation into the matter reportedly began as part of a broader investigation into market manipulation and collusion in the cryptocurrency industry. While authorities did not provide further details on the allegations, the case raises concerns about the potential for corruption and fraud in the industry.
News of the incident has caused some concern among investors in the cryptocurrency market, who are concerned about the impact such actions will have on the reputation of the industry. While Bitcoin exchange Coinone has not commented on the lawsuit, the exchange will likely be subject to further scrutiny by regulators and investors following the news.
Coinone is one of the five largest cryptocurrency exchanges in South Korea, registered as Coinone Inc and launched in 2015. It is a popular platform for trades in the region with a 24-hour spot trading volume of $150 million. Coinone is backed by Kakao Ventures, a venture capital firm that invests in various tech startups. A well-established player in the cryptocurrency industry, Coinone is known for its trusted platform and commitment to security and transparency.
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