It has been revealed that a former executive of Coinone, one of South Korea’s largest cryptocurrency exchanges, received a bribe to list certain cryptocurrencies on the platform. The former manager of Bitcoin exchange Coinone has admitted to bribery charges in South Korea.
The manager of the Bitcoin exchange accepted the bribery allegations!
A former executive of South Korean Bitcoin exchange Coinone, who was accused of taking bribes in exchange for listing certain coins, has admitted to the charges, local news agency Yonhap reported on Thursday. Jeon, Coinone’s former listing manager, received nearly 2 billion won ($1.51 million) in exchange for listing virtual assets such as “Furiever Coin”, which was privately listed on the exchange and has since been linked to a kidnapping and murder investigation in the Gangnam district of Seoul. ) was accused of taking Jeon’s broker known as “Mr. Ko” is accused of facilitating listings.
“I accept the prosecution’s allegations,” the couple’s lawyer reportedly said at the hearing on May 25. “Basically, we accept the facts of the prosecution. But as we haven’t been able to see all the evidence, we will provide a final opinion after the review,” he added. Coinone’s listing team leader and another broker were also indicted. However, his lawyers said they have not yet finished examining the evidence and will respond to the charges at the next hearing on June 15.
The South Korean crypto world was shaken by the bribery scandal!
As we noted at Kriptokoin.com, the accused executive Jeon allegedly received approximately 2 billion Korean won (about $1.5 million) between 2020 and 2022 to facilitate the listing of cryptocurrencies prone to market price manipulation on Coinone. Prosecutors claim that some of the tokens involved in the scandal are linked to companies hired to manipulate cryptocurrency prices. Notably, the scheme in the indictment includes local cryptocurrencies Pica Coin and Puriever.
Jeon’s case was heard at the Seoul Southern District Court after he was first arrested on bribery charges on March 22. Jeon and his broker Koh pleaded guilty. He declined to formally plead guilty until his legal representatives had reviewed all the evidence. Another former Coinone employee, Kim, and their broker, Hwang, were also involved in the case. However, Kim and Hwang have yet to respond to the charges brought against them at Thursday’s hearing. Kim allegedly received $784,000 in exchange for his involvement in illegal activities. The next hearing for the four defendants is scheduled for June 15.
A recent local news release reveals that 46 coins, which make up about 25% of Coinone’s listed token portfolio, are part of this illegal scheme. The event, which took place from November 2019 to December 2022, raised concerns about the integrity of the market. It also shook the confidence of investors and traders in cryptocurrency exchanges.
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