Former Coinone executive admits accepting $1.5 million in bribes for listing controversial coin

TL;DR Breakdown

  • “Mr. Jeon,” a former Coinone executive, has admitted to taking $1.51 million in bribes to list certain virtual assets on the market.
  • One of the listed coins, “Furiever Coin,” is linked to an ongoing kidnapping and murder investigation in Seoul's Gangnam district, adding further gravity to the situation.
  • Mr. Jeon's broker, “Mr. Ko,” is also accused of facilitating the illicit listings and has admitted the facts of the prosecution.

The former executive of South Korean cryptocurrency exchange Coinone, known as “Mr. Jeon,” has openly acknowledged the charges against him in a high-profile bribery case.

The accusations surfaced recently and alleged that Mr. Jeon had accepted bribes totaling a staggering 2 billion won ($1.51 million) in exchange for listing specific virtual assets on the exchange platform.

The coins in question include “Furiever Coin,” a digital currency that garnered an exclusive listing on Coinone. Shockingly, Furiever Coin has since been linked to an ongoing kidnapping and murder investigation in Seoul’s prestigious Gangnam district, adding further gravity to the already alarming situation.

Accompanying Mr. Jeon on this challenging journey is his broker, “Mr. Ko,” who stands accused of actively facilitating illicit listings. During a trial hearing on May 25, legal representation for both individuals made a striking admission, stating, “I admit the facts of the prosecution.”

However, they also emphasized that they had yet to be able to review all the evidence thoroughly and promised to present a final opinion following a comprehensive examination.

Coinone’s listing team leader and another broker involved in the scandal have also been implicated. However, their legal representatives have cited the need for additional time to complete their review of the evidence. They have pledged to respond to the charges during the next trial hearing, scheduled for June 15.

This revelation has sent shockwaves throughout the cryptocurrency industry, highlighting the need for transparency and regulatory oversight in the rapidly evolving digital asset landscape. The Coinone scandal is a stark reminder of the potential risks associated with unscrupulous practices and the urgent need for vigilance within the crypto community.

As the investigation unfolds, authorities intensify their efforts to uncover any additional links between the alleged bribery and the disturbing kidnapping and murder case. The outcome of this trial could have far-reaching implications for the cryptocurrency market, emphasizing the importance of maintaining the integrity and trustworthiness of exchange platforms.

The world watches anxiously as the South Korean legal system progresses with this landmark case, hoping for justice and meaningful reforms to be implemented within the cryptocurrency industry.

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Mutuma Maxwell

Mutuma Maxwell

Maxwell especially enjoys penning pieces about blockchain and cryptocurrency. He started his venture into blogging in 2020, later focusing on the world of cryptocurrencies. His life's work is to introduce the concept of decentralization to people worldwide.