- Former Coinone official arrested for taking KRW 1.9B for itemizing digital forex.
- Bithumb’s CEO is beneath investigation for comparable bribery allegations.
- The cryptocurrency trade in South Korea wants extra transparency and regulation resulting from fraud, hacking and different points.
South Korean authorities have arrested a former worker of the Coinone change, who was allegedly concerned in a bribery scandal involving cryptocurrency listings. The person, recognized solely as Jeon, reportedly obtained $1.9 billion from the dealer. KRW (about US$1.47 million) to make sure that a sure digital forex is listed on Coinone’s buying and selling platform.
Because of privateness rules, Seoul’s prosecutor’s workplace confirmed Jeon’s arrest however declined to launch his full title. However authorities stated they have been additionally investigating Lee Sang-jun, CEO of Bithumb, the nation’s second-largest cryptocurrency change, over comparable allegations. Whereas prosecutors haven’t but sought an arrest warrant for Lee, the investigation might embrace different native cryptocurrency exchanges.
Information of the bribery scandal despatched shock waves all through South Korea’s cryptocurrency trade, which has been beneath investigation for alleged wrongdoing lately. Nonetheless, Coinone, one of many nation’s largest cryptocurrency exchanges, has but to touch upon the arrest.
The arrest of a former Coinone worker marks a big growth within the investigation into an alleged bribery scandal that has raised issues concerning the integrity of cryptocurrency listings in South Korea. The case is anticipated to have main ramifications for the nation’s digital forex trade, and authorities have stated they are going to proceed to analyze wrongdoing within the sector.
The bribery scandal involving cryptocurrency listings is simply the most recent downside to hit South Korea’s cryptocurrency trade, which has struggled with fraud, hacking and different points. In 2017, the nation’s monetary regulator banned preliminary coin choices (ICOs) and imposed strict rules on cryptocurrency buying and selling to curb fraud and cash laundering.
The arrest of a former Coinone worker and the investigation of Bithumb CEO Lee Sang-jun have highlighted the necessity for extra transparency and regulation in South Korea’s cryptocurrency trade.
