A former executive at Coinone, one of South Korea’s top five cryptocurrency exchanges, pleaded guilty on Thursday to accepting bribes in alternate for itemizing sure cryptocurrencies on the platform.
Note: It is common practice in South Okorea for authorities to launch only the surname of defendants due to privacy regulations.
See related article: S.Korea to expand probe on token listing bribes if it sees ‘more evidence’
- The defendant, identified solely as Jeon, is accused of receiving roughly 2 billion Korean gained from 2020 to 2022 in alternate for itemizing cryptocurrencies on Coinone that he knew have been topic to market value manipulation.
- Prosecutors allege a number of the tokens at subject have been affiliated with corporations that have been employed to govern crypto costs. These native cryptocurrencies are reported to incorporate Pica Coin and Puriever.
- The courtroom case befell at Seoul Southern District Court docket after Jeon was first arrested on bribery costs March 22.
- Jeon and his dealer Koh — who’s alleged to have facilitated the listings — have acknowledged that the accusations are true. Nevertheless, the pair’s authorized representatives have stated they won’t make a proper request for forgiveness till reviewing all of the obtainable proof.
- One other former worker at Coinone, identified solely as Kim, alongside their very own dealer Hwang, is accused of involvement within the case. Nevertheless, each Kim and Hwang have but to answer the costs leveled at them throughout Thursday’s courtroom listening to. Kim reportedly obtained US$784,000 for his position within the alleged wrongdoing.
- Coinone had not responded to Forkast’s request for remark as of 1:00 p.m. in Hong Kong on Friday.
- The subsequent trial for the 4 defendants is scheduled for June 15.
- “Some exchanges do apply transparency in itemizing tokens, however many alternate workers have engaged in such habits as frequent apply,” stated Seoul-based info safety and monetary crime professional Hwang Suk-jin in a earlier interview with Forkast.
- South Korean prosecutors need to increase the investigation onto different native exchanges as they seek for additional proof of cryptocurrency itemizing manipulations within the broader market.
- The nation’s cryptocurrency market was valued at 19 trillion gained (US$14.3 billion) as of the tip of final 12 months, making it one of many largest cryptocurrency markets on this planet.
See related article: South Korea arrests former Coinone exchange official for alleged crypto-listing bribery