• South Korean authorities have detained several employees of the cryptocurrency exchange Coinone for breach of trust and other criminal acts.
• The arrest warrants were issued by Seoul Southern District Court Chief Judge Kim Ji-Sook, claiming that the executives had received billions to list specific cryptocurrencies on their platform.
• Coinone is one of the leading crypto exchanges in South Korea, and together with 3 other exchanges handle over 90% of the trading volume in the country.

Coinone Under The Scanner

South Korean authorities have taken several staff members of the cryptocurrency exchange Coinone for breach of trust and other criminal acts. Prosecutors in South Korea have claimed that the executives had received billions to list specific cryptocurrencies on their platform. As a result, authorities detained several employees of the exchange.

Details Of The Fraud

According to the authorities, the head of Coinone’s listing division, Kim Mo, broke the Concealment of Criminal Proceeds Act. He also faced allegations of breach of trust, along with another individual, Hwang Mo. It was alleged that Hwang had paid 2 billion won ($1.5 million) to Kim as bribes in exchange for him listing certain cryptocurrencies on Coinone’s platform. Additionally, ex-director Jeon was accused of receiving payments to facilitate listing certain assets and circumventing listing procedures outlined for the exchange.

Furever Coin

Investigators further claimed that one particular coin listed on Coinone could be linked to a possible murder case from Gangnam District in Seoul – “Furever Coin”. Authorities suspect that this murder happened due to an attempted major crypto investment gone wrong on Coinone’s platform.

Coinone In The Big 4

Coinone was founded in 2014 by Kevin Cha with a mission to serve crypto users based in South Korea and then expand operations overseas such as Indonesia by 2017. Together with UPbit, Bithumb, and Korbit – these four platforms are known as South Korea’s infamous Big 4 crypto exchanges – handling over 90% of trading volume within their country alone. Recently South Korea has imposed stricter rules which all operating exchanges must adhere too; with Coinone fulfilling these regulations alongside others successfully so far this year.

Conclusion

South Korea has been at center stage earlier this week following reports that they would be introducing harsher penalties against investors who violate laws set out by financial regulators when it comes to investing into digital assets such as Bitcoin or Etherium etc.. With this scandal at hand involving one its leading cryptocurrency exchanges; we can only hope that measures will be taken soon enough so similar events don’t happen again in future times ahead!