South Korean authorities said the Coinone executive agrees to the ‘facts’ they presented
The former head of the well-known South Korean cryptocurrency exchange Coinone has agreed to “the facts” of the charges that prosecutors laid out in a South Korean court on Thursday.
Mr. Jeon, formerly the head of listings for Coinone, has been accused of collecting more than 2 billion won ($1.5 million) to list dubious tokens, such as the exclusively listed ‘Furiever Coin,’ a cryptocurrency project tied to an abduction and murder probe in Seoul’s Gangnam neighbourhood. The prosecution claims that “Mr. Ko,” Jeon’s broker, enabled the transactions.
Four executives were detained in April on charges of accepting $2.2 million in return for listing cryptocurrency on the Coinone exchange.
Hwang, a broker, and Kim, the head of the listing team were also charged with Jeon and Ko. Kim was charged with breaking the Trust Act and concealing criminal proceeds. Hwang was further accused of betraying trust.
Corruption of this magnitude would devastate the company and potentially alter South Korea’s crypto regulatory strategy.
Government employees now have to come clean about their Bitcoin and cryptocurrency holdings after a crisis involving secretly held tokens led to the passage of a measure mandating such disclosure on Monday.