Kim Ji-sook, chief judge of the Seoul Southern District Court, issued an arrest warrant for Kim Mo (Coinone’s listing team leader), stock broker Hwang Mo, and other stock executives.
Prosecutors claimed that they had received billions of won in bribes to list certain cryptocurrencies on the platform.
More drama in South Korea
As reported By local media, the South Korean authorities arrested several employees of Coinone (one of the main cryptocurrency exchanges in the country). The alleged offenders included Kim Mo (leader of the company’s listing team) and Hwang Mo (a listing broker).
According to the magistrates, Kim violated the Criminal Assets Concealment Control Act and Breach of Trust by pocketing a 1 billion won (nearly $760,000) worth of bribe from Hwang to list digital currencies such as Pica Coin on the platform. He reportedly admitted to receiving the sum.
For his part, Hwang was accused of breach of trust. He bribed Kim and other Coinone executives, collectively distributing 2 billion won (approximately $1.5 million).
The cryptocurrency exchange is among the largest in the East Asian country. Local regulators required South Korean platforms to meet stricter rules in 2021, and Coinone was one of the few to complete registration policies.
The country was in the spotlight earlier this week for another reason: the hacking attack on the GDAC crypto platform. As CryptoPotato reportedcybercriminals breached its security and depleted over $13 million worth of digital currencies (23% of its total custodial assets).
GDAC took emergency measures and blocked deposits and withdrawals. It also reported the problem to the relevant law enforcement agencies and asked rival companies for help in the troubling situation.
The Do Kwon Saga
National authorities appear to be much more determined to combat crime in the cryptocurrency sector after the South Korean co-founder of Terraform Labs, Do Kwon, reportedly became a fugitive shortly after the collapse of LUNA/UST.
Multiple failed investors and agencies blamed the 31-year-old developer as the main culprit in the adverse event and insisted he faces justice for his actions. However, he was reluctant to cooperate and went into hiding in different parts of the world, including Dubai, Singapore, Russia and Mauritius. possible destinations.
notice on arrival issued by the South Korean Ministry of Justice and Interpol joining the manhunt appeared to have no effect, and Kwon’s whereabouts remained unknown for months.
Some sources indicated in December last year that he could be hiding in the Balkan country of Serbia. Kwon’s arrest finally happened in March at the airport of Podgorica (the capital of Montenegro and Serbia’s western neighbor).
US prosecutors rushed to carry he was charged with securities fraud, commodity fraud and conspiracy after arrest.
It is unclear if Kwon will face justice in his homeland or in the United States. However, Montenegrin law requires that he spend at least 30 days in a local facility since he was arrested on his territory.
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This post Korean Authorities Detained Coinone Leaders On Suspicion Of Taking Bribes (Report)
was published first on https://cryptopotato.com/korean-authorities-detained-coinone-leaders-on-suspicion-of-taking-bribes-report/
