• South Korean authorities have taken several staff members of the cryptocurrency exchange Coinone into custody for breach of trust and other criminal activities.
• 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.
• Investigators claimed that one of the coins listed on the exchange could also be tied to a possible murder.
Coinone Under The Scanner
South Korean authorities have taken several staff members of the cryptocurrency exchange Coinone for breach of trust and other criminal acts. 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.
Details Of The Fraud
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. Investigators claimed that one of the coins listed on the exchange could also be tied to a possible murder.
Furever Coin Tied To Possible Murder
“Furever Coin” listed on the exchange was tied to a possible murder in a case that involved the kidnapping of a 48-year-old individual from the Gangnam District of Seoul. Authorities suspect that the murder was in retaliation to a major crypto investment on Coinone that did not go as planned.
Background On Coinone
Coinone is one of the leading cryptocurrency exchanges in South Korea, often counted among its Big 4 crypto exchanges alongside UPbit, Bithumb, and Korbit which handle over 90% of crypto trading volume in Korea combined. South Korean regulators had recently mandated stricter rules for exchanges operating within its borders which some platforms such as Coinone fulfilled accordingly .
Conclusion
Coinone’s executives are now facing charges due their alleged abuse of power while handling listings with potential ties to criminal activity involving investments made through their platform . It remains unclear how this situation will play out but it serves as an important warning against any illegitimate activities conducted through crypto exchanges or platforms .