Coinone Broker Arrested in South Korea for Allegedly Offering Kickbacks in Exchange for Token Listings

In the world of cryptocurrency, the integrity of trading platforms and their operators is crucial to maintaining the trust and confidence of investors. Unfortunately, a recent news report from Seoul highlights how some unscrupulous individuals seek to profit from the market by resorting to illegal means.

According to the report from the Korean news agency Newsis, a broker named “Mr.Go” has been arrested and charged with bribery for allegedly attempting to offer kickbacks to employees of the cryptocurrency exchange Coinone. Mr.Go is said to have made the offer to a former Coinone employee named “Mr.Jeon” in exchange for listing token on the exchange.

The report states that Mr.Go offered token and other gifts to Mr.Jeon in 2020 in exchange for his help in securing the listings. Although Coinone ultimately listed the assets in question, it is unclear whether Jeon’s actions had any influence on the decision.

The investigation into the matter reportedly began as part of a broader probe into market manipulation and collusion within the cryptocurrency industry. While the authorities have not provided further details on the allegations, the case raises concerns about the potential for corruption and fraud in the sector.

News of the incident has caused some concern among investors in the cryptocurrency market, who worry about the impact that such actions could have on the industry’s reputation. While Coinone has not commented on the case, the exchange is likely to face increased scrutiny from regulators and investors alike in the wake of the news.

Coinone is one of the top five cryptocurrency exchanges in South Korea, having been registered as Coinone Inc and launched in 2015. With a 24-hour spot trading volume of $150 million, it is a popular platform for traders in the region. Coinone is backed by Kakao Ventures, a venture capital firm that has invested in a range of tech startups. As a well-established player in the cryptocurrency industry, Coinone is known for its reliable platform and commitment to security and transparency.

Read more:

Join us on Telegram

Follow us on Twitter

Follow us on Facebook

You might also like