Coinone Execs Arrested for Breach of Trust, $1.5M Bribe Alleged
• South Korean authorities have detained several members of the cryptocurrency exchange Coinone for criminal activities.
• The executives received billions to list certain cryptocurrencies on their platform and breach trust.
• Coinone is one of the Big 4 exchanges in South Korea that handles over 90% of the trading volume in the country.
Coinone Under Scanner
South Korean authorities have taken several staff members of the cryptocurrency exchange Coinone into custody for breach of trust and other criminal acts. High drama unfolded after prosecutors claimed that some executives had received billions to list specific cryptocurrencies on their platform. As a result, Seoul Southern District Court Chief Judge Kim Ji-Sook issued arrest warrants against those involved.
Details Of The Fraud
The head of Coinone’s listing division, Kim Mo, was accused of breaking the Concealment of Criminal Proceeds Act along with another individual Hwang Mo who allegedly paid 2 billion won ($1.5 million) as bribes to get specific coins listed on Coinone’s platform. Ex-director Mr Jeon also faced allegations related to payments he received to facilitate listing certain assets and circumvent listing procedures outlined by the exchange. Moreover, one coin listed on the exchange was linked to a possible murder case involving kidnapping from Seoul’s Gangnam District.
Coinone: One Of The Big 4
Coinone is one of South Korea’s leading crypto exchanges and forms part of its famous Big 4 crypto exchanges that handle over 90% of crypto trading volume in South Korea, alongside UPbit, Bithumb, and Korbit. Recently, stricter rules were mandated by regulators which all exchanges operating in South Korea had to abide by; Coinone fulfilled these requirements along with a few other platforms.
Regulatory Pressure Increasing In South Korea
South Korea has recently been under intense regulatory pressure regarding its cryptocurrency industry including plans for a complete ban on anonymous trading accounts announced earlier this week amid concerns about money laundering activity taking place via digital currency transactions in the nation. This announcement caused widespread concern among investors and market participants around the world regarding what it means for the future growth potential of cryptocurrencies in South Korea as well as other parts associated with it such as blockchain technology development efforts underway within various governmental entities there as well as private organizations throughout Asia Pacific region overall too.
The arrests made by authorities at Coinone shows how serious they are taking fraud involving cryptocurrencies within their borders – something that many other countries are looking towards now too due largely because lackadaisical regulations placed upon them previously allowed criminals freedom operate without much consequence up until now at least (although still remains be seen exactly what extent enforcement actions like these will ultimately have upon broader industry). It appears clear though that government agencies across globe have become more aggressive their stance digital currencies since last year when prices skyrocketed before eventually crashing back down again later 2018 leaving many investors feeling cheated out their investments thanks lax regulation surrounding space time which allowed unscrupulous actors take advantage unsuspecting individuals who thought they were investing safely only find themselves victims fraudulent activities perpetrated individuals seeking only enrich themselves personal gain expense others‘ losses instead being ethical stewards collective pool capital entrusted them manage responsibly behalf everyone else involved process not just few select people connected project directly or indirectly through access special privileges inside information etcetera which could then used manipulate markets favor those who knew best how exploit system advantage own benefit detriment everybody else involved entire ecosystem around particular asset class question whether legitimate or not itself doesn’t matter ethics do matters here no matter what kind endeavor involves especially when dealing sensitive financial matters public trust should never taken lightly but respected utmost regard order ensure safety security all parties involved transactions conducted fairly accurately transparently ethically correctly always every single time no exceptions whatsoever given anywhere any situation ever period end story full stop done deal final say nothing else needs added onto this point further discussion required here thank you very much good day