Coinone employees who were found to be charged for listing certain cryptocurrencies were arrested. South Korean prosecutors said they were worried that employees could escape.
Employees of South Korean cryptocurrency exchange Coinone are arrested
According to local sources, Coinone’s former listing team leader and exchange employees who took bribes for cryptocurrency listings are under scrutiny. “There are concerns about his escape,” said Seoul Southern District Court Chairman Kim Ji-Sook, who issued an arrest warrant on Monday.
Kim Mo, leader of Coinone’s listing team, has been accused of violating the Concealment of the Proceeds of Crime Act and breach of trust. Exchange employee Hwang Mo was also accused of misconduct.
Earlier, on the 5th, the Seoul Southern District Procuratorate requested an arrest warrant for Kim and Hwang. In addition, Jeon Amugae, the former director of the Coinone listing, was arrested and charged on the 7th for breach of trust.
According to the report, Hwang paid Kim and Coinone’s former director of listing “Mr Jeon” 2 billion won ($1.51 million) in exchange for listing certain cryptocurrencies.
Which cryptocurrencies are listed?
Among the listed cryptocurrencies is the “Furiever Coin,” a cryptocurrency that is only listed on Coinone and has been linked to a recent kidnapping and murder investigation in Seoul’s Gangnam district.
Police suspect that a 48-year-old woman may have been kidnapped and killed as revenge for a failed investment.
25 cryptocurrencies listed
A former employee of South Korean crypto exchange Coinone, named Jeon Amugae, was arrested last month for allegedly receiving bribes of approximately $1.5 million from agents hired by token issuers to list nearly 25 cryptocurrencies on the exchange.
Jeon’s alleged crime took place between 2019 and 2021, but several cryptocurrencies believed to have been listed through bribery continue to be traded on Coinone, including art platform Pica Project’s PICA token, according to local news outlet JoongAng Ilbo. .
South Korean cryptocurrency regulations
South Korea has yet to establish a legal framework for listing and delisting of cryptocurrencies on exchanges. The country announced last year that it will develop the Digital Asset Base Law in the first half of 2023 to create a set of all-encompassing regulations for the industry amid Terra-Luna’s multi-billion dollar collapse.
However, the plan has not made any significant progress in the year since then, as 14 proposals on the legislative framework submitted by South Korean lawmakers have not been discussed even once in the National Assembly.
Instead, South Korea’s five largest exchanges – Upbit, Bithumb, Coinone, Korbit, and Gopax – set up the Digital Asset Exchange Association (DAXA), a joint crypto market monitoring body, to prevent unfair trading actions from the cryptocurrency market. cryptocoin.comAs you follow, DAXA issued an ‘investment alert’ about WAVES late last year.
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