A former executive at Coinone, one of South Korea’s leading cryptocurrency exchanges, has recently pleaded guilty to accepting bribes in exchange for listing specific cryptocurrencies on the platform.
This scandal has raised concerns about market price manipulation and has prompted an investigation into other local exchanges. In this article, we delve into the details of the case and its implications for the broader cryptocurrency market.
Former Coinone Executive Pleads Guilty to Bribery Charges: The defendant, identified as Jeon, admitted his involvement in accepting bribes during his tenure at Coinone.
Prosecutors allege that Jeon received approximately 2 billion Korean won between 2020 and 2022 in exchange for listing cryptocurrencies on the exchange, despite knowing that these tokens were subject to market price manipulation. Jeon’s alleged accomplice, broker Koh, is believed to have facilitated the listings.
Tokens Affiliated with Manipulative Companies: According to prosecutors, some of the tokens involved in the bribery scandal were associated with companies hired to manipulate cryptocurrency prices.
Among the local cryptocurrencies mentioned are Pica Coin and Puriever. The case against Jeon and Koh is being heard at the Seoul Southern District Court, following Jeon’s initial arrest on bribery charges in March 2022.
While both defendants have acknowledged the accusations, they have yet to formally admit guilt pending a review of the available evidence.
Involvement of Additional Individuals: Another former Coinone employee, referred to as Kim, and their broker Hwang, are also implicated in the case.
However, both Kim and Hwang have yet to respond to the charges brought against them during the court hearing. It is alleged that Kim received $784,000 for their role in the illicit activities.