• South Korean authorities arrested several Coinone employees for criminal activities, including breach of trust.
• It was discovered that the executives received bribes in exchange for listing certain cryptocurrencies on their platform.
• The exchange is one of the Big 4 crypto exchanges in South Korea and handles 90% of the country’s trading volume.
Coinone Employees Arrested
South Korean authorities have taken several staff members of the cryptocurrency exchange Coinone into custody for breach of trust and other criminal acts.
Bribes For Listing Cryptocurrencies
Authorities claim that the executives had received billions to list specific cryptocurrencies on their platform. Seoul Southern District Court Chief Judge Kim Ji-Sook issued arrest warrants stating that they could potentially escape and must be detained.
One Of The Big 4
Coinone is one of the leading cryptocurrency exchanges in South Korea, often counted among the Big 4 crypto exchanges in South Korea which handle over 90% of the country’s trading volume. South Korean regulators had recently imposed stricter rules that all crypto exchanges operating in South Korea need to abide by, which Coinone has done so far.
Furever Coin Linked To A Possible Murder
Investigators also alleged that one coin listed on Coinone’s platform, “Furever Coin” could be linked to a possible murder case involving a kidnapping from Seoul’s Gangnam district. It is believed that the murder was related to an unsuccessful major crypto investment on Coinone.
Coinone Founded In 2014
Coinone was founded in 2014 by Kevin Cha with the goal of serving crypto users based in South Korea and later expanded to Indonesia by 2017.