• South Korean authorities have detained staff members from the leading crypto exchange Coinone for criminal acts such as breach of trust.
• The allegations involve executives receiving billions to list certain cryptocurrencies on their platform and bypassing listing procedures.
• Coinone is part of South Korea’s Big 4 exchanges, which handle 90% of the country’s crypto trading volume.
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. High drama took place at Coinone after it emerged that the exchange’s executives could go to prison. Prosecutors in South Korea have claimed that the executives in question had received billions to list specific cryptocurrencies on their platform. As a result, authorities detained several employees of the exchange.
Details Of The Fraud
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. According to the authorities, the head of Coinone’s listing division, Kim Mo, broke the Concealment of Criminal Proceeds Act. He also faced allegations of breach of trust, along with another individual, Hwang Mo. As a listing broker, Hwang allegedly paid 2 billion won ($1.5 million) to Kim in order to list certain cryptocurrencies on his platform and circumvent listed procedures outlined for the exchange.. Authorities stated that one cryptocurrency listed on their platform was linked to a possible murder case involving kidnapping from Gangnam District in Seoul as well.
One Of The Big 4
Coinone is one of the leading cryptocurrency exchanges in South Korea, often counted among its notorious Big 4 crypto exchanges alongside UPbit, Bithumb and Korbit who together handle more than 90% trading volume in South Korea alone. Recently regulators imposed even stricter rules for these exchanges but Coinone was able to fulfill those requirements successfully amongst others such as UPbit and Bithumb etc,.
Founded In 2014
Coinone was founded back in 2014 by Kevin Cha aimed at providing services related to cryptocurrencies across various countries including Indonesia by 2017 through its expansion plans while being based out off South Korea originally .
Conclusion
Coinone has been under scanner due its alleged practices surrounding listing new assets on its platform against bribes worth millions being received by some high ranking officials at this exchange while also being associated with a crime scene involving kidnapping from Gangnam district recently reported by local law enforcement agencies making it quite uncomfortable situation overall for everyone involved here while also highlighting issues related with lack transparency regarding such matters in crypto market towards users & investors alike which must be addressed soonest through appropriate means so there are no further disturbances caused within industry or any harm done towards innocent users/investors here involved whatsoever .
