South Korean Supreme Court Upholds Guilty Verdict for Coinone Employees
The South Korean Supreme Court has upheld a guilty verdict for a group of former Coinone employees who accepted bribes to list altcoins on the platform, bringing an end to a long legal process.
Jeon and Kim Appeals Dismissed
Jeon and Kim appealed the District Court’s decision in the High Court, where they were also found guilty. They then escalated the case to the Supreme Court, which upheld the initial verdict along with their original sentences, closing the legal battle.
- Supreme Court Upheld Original Verdict
- Supreme Court corroborated the initial verdict
- Maintained original sentences for both individuals
- Fines Upheld
- Jeong fined $1.4 million, Kim fined $585,000
- Embezzlement Charges
- Jeon received $1.4 million in cryptoassets and fiat
- Kim accepted $743,000 in coins and cash
Executives Found Guilty
Both individuals were found guilty of manipulating the exchange’s business by altering the prices of cryptoassets on the platform, violating the ethics required for managing exchange listings.
- Obstructing Business Operations
- Both individuals found guilty of manipulation
- Judicial Ruling
- Embezzlement and bribery offenses to be severely punished
- Defendants accused of passing blame to each other
- Court Verdict
- High Court stated sentences were appropriate
- Supreme Court found no errors in the previous rulings
Hot Take on Supreme Court Decision
The recent upholding of the guilty verdict by the South Korean Supreme Court against former Coinone employees emphasizes the importance of integrity and compliance with the law in the cryptocurrency industry. It serves as a warning that illegal activities within exchanges will not be tolerated, and those responsible will face severe consequences. The decision showcases the commitment to maintaining the ethical standards required in the crypto space, promoting transparency, and fairness in operations.
Sources:
– https://www.newsis.com/view/NISX20240702_0002795171
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