South Korea arrests ex-Coinone official for alleged bribery

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A for­mer employ­ee at Coinone, one of South Korea’s top five cryp­tocur­ren­cy exchanges, was arrest­ed Tues­day on charges of accept­ing bribes in exchange for list­ing cer­tain cryp­tocur­ren­cies on the plat­form in 2020, the Seoul South­ern Dis­trict Pros­e­cu­tors’ Office said. 

See relat­ed arti­cle: Bithumb exec­u­tive faces inves­ti­ga­tion over alleged bribery in South Kore­an cryp­to listing

Fast facts

  • The for­mer employ­ee, iden­ti­fied only by the fam­i­ly name Jeon, received 1.9 bil­lion Kore­an won (US$1.47 mil­lion) from a bro­ker for list­ing a cer­tain cryp­tocur­ren­cy on Coinone trad­ing plat­form, accord­ing to local media reports. The pros­e­cu­tors’ office con­firmed the arrest with Forkast, but declined to reveal Jeon’s full name due to pri­va­cy rules.
  • Seoul pros­e­cu­tors are also inves­ti­gat­ing Lee Sang-jun, the chief exec­u­tive offi­cer of the hold­ing com­pa­ny of Bithumb, the country’s sec­ond largest cryp­tocur­ren­cy exchange, on sim­i­lar alle­ga­tions. The pros­e­cu­tors told Forkast they have not yet request­ed an arrest war­rant for Lee.
  •  A spokesper­son for the Seoul South­ern Dis­trict Pros­e­cu­tors’ Office said the inves­ti­ga­tion may expand to cov­er oth­er local cryp­to exchanges.
  • Forkast con­tact­ed Coinone for com­ment on the arrest Thurs­day morn­ing and has yet to receive a response.

See relat­ed arti­cle: South Korea reports US$4.3 bil­lion in ille­gal for­eign trans­ac­tions involv­ing cryptocurrencies

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