Coinone Employees Arrested for Allegedly Accepting Bribes for Listing Cryptocurrencies

Several employees of South Korean cryptocurrency exchange Coinone have been arrested on charges of exchanging money in exchange for listing certain crypto assets, according to a report by CoinDesk Korea. The arrests were made after a warrant was issued by Seoul Southern District Court Chief Judge Kim Ji-Sook, who expressed concerns that the accused individuals may try to flee.

Kim Mo, the leader of Coinone’s listing team, has been accused of violating the Concealment of Criminal Proceeds Act and breach of trust, while listing broker Hwang Mo was also charged with breach of trust. The alleged scheme involved listing certain cryptocurrencies, including “Furiever Coin,” which was exclusively listed on Coinone and has been linked to a recent kidnapping and murder investigation in the Gangnam district of Seoul.

Police suspect that a 48-year-old woman was abducted and murdered as revenge for a failed investment in Furiever Coin. According to the report, Hwang paid as much as 2 billion won ($1.51 million) to Kim and Coinone’s former director in exchange for listing the coin on the exchange.

The arrests and allegations have raised concerns about the integrity of the South Korean cryptocurrency market and the need for better regulation and oversight. Coinone has been one of the major players in the country’s crypto industry, and the recent developments could have a significant impact on its reputation and business.

The South Korean government has been taking steps to regulate the crypto market in recent years, including implementing a real-name trading system and cracking down on illegal activities. However, incidents like these highlight the need for continued efforts to prevent fraud and illegal activities in the industry.