$1.51M Bribery Scandal Rocks Coinone Cryptocurrency Exchange

$1.51M Bribery Scandal Rocks Coinone Cryptocurrency Exchange

A former executive of South Korean cryptocurrency exchange Coinone admits to taking bribes for listing certain coins, according to local news agency Yonhap.

A lawyer for the accused reportedly stated he admits “the facts of the prosecution,” within a May 25 trial hearing.

A previous executive of South Korean digital currency exchange Coinone, who was accused of taking bribes in return to be listed certain coins, has acknowledged the charges, local news agency Yonhap informed on Thursday.

“Mr Jeon,” Coinone’s previous director of listing, was accused of receiving nearly 2 Billion won ($1.51 million) in return to be listed virtual assets such as “Furiever Coin,” which was listed exclusively on the exchange, and has since been linked to a kidnapping and murder investigation in the Gangnam district in Seoul. Jeon’s broker, known as “Mr Ko,” is accused of facilitating the listings.

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At a trial hearing on May 25, a lawyer for the two reportedly stated: “I admit the facts of the prosecution.”

“Basically, we are acknowledging the facts of the prosecution, but since we have not been able to view all the evidence, we will present a final opinion after review,” the lawyer added.

Coinone’s listing team leader and another broker have likewise been accused, but their lawyers stated they have is still to finish reviewing evidence and will respond to the charges at the following trial hearing on June 15.

Coinone didn’t instantly respond to a CoinDesk request for comment.

Sandali Handagama.


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