- Ex-Coinone official arrested for taking KRW 1.9 billion for itemizing digital foreign money.
- The CEO of Bithumb is below investigation for comparable corruption allegations.
- South Korea’s cryptocurrency business wants extra transparency and regulation on account of fraud, hacking, and different points.
South Korean authorities have arrested a former worker of the Coinone trade, who was allegedly concerned in a corruption scandal involving cryptocurrency listings. The person, recognized solely as Jeon, allegedly acquired 1.9 billion KRW (about $1.47 million) from a dealer to make sure that a specific digital foreign money was listed on the buying and selling platform Coinone.
Because of secrecy guidelines, the Seoul Prosecutor’s Workplace confirmed Jeon’s arrest however refused to launch his full title. Nevertheless, authorities stated they’re additionally investigating Lee Sang-jun, the CEO of Bithumb, the nation’s second-largest cryptocurrency trade, over comparable allegations. Though prosecutors have but to hunt an arrest warrant for Lee, the investigation might increase to cowl different native crypto exchanges.
Information of the bribery scandal despatched shockwaves all through the South Korean cryptocurrency business, which has come below intense scrutiny for alleged improprieties lately. Nevertheless, Coinone, one of many largest cryptocurrency exchanges within the nation, has but to touch upon the arrest.
The arrest of the previous Coinone worker marks a big improvement within the investigation into the alleged bribery scandal, which has raised issues concerning the integrity of South Korea’s cryptocurrency listings. The case is predicted to have far-reaching implications for the nation’s digital foreign money business, and authorities have stated they are going to proceed to research irregularities within the sector.
The corruption scandal involving cryptocurrency listings is simply the most recent problem to hit the South Korean cryptocurrency business, which has struggled with fraud, hacking and different points. In 2017, the nation’s monetary regulator banned preliminary coin choices (ICOs) and imposed strict laws on cryptocurrency buying and selling to restrict the potential for fraud and cash laundering.
The arrest of the previous Coinone worker and the investigation of Lee Sang-jun, the CEO of Bithumb, has highlighted the necessity for higher transparency and regulation within the South Korean crypto business. money.
