Authorities in South Korea have ordered the arrest of executives of one of the country’s largest exchanges, Coinone, on suspicion of taking bribes to list tokens.
According to a Korean publication News1 Korea, the Seoul Southern District Court ordered the arrest of Coinone employees on Monday. Notably, arrest warrants were issued against Coinone listing team leader Kim Mo and listing broker Hwang Mo because “there is a concern about [them] escaping.”
Coinone Executives Face Breach of Trust Charges
The authorities seem to have become more cautious after the fugitive Do Kwon escaped South Korea in September 2022. Currently, he is under the custody of Montenegrin authorities after being arrested last month.
Kim faces charges of violating the Concealment of Criminal Proceeds Control Act and breach of trust. While Hwang is charged with breach of trust.
Kim admitted receiving 1 billion won ($756,140) from Hwang and other listing brokers. The Coinone employees allegedly took the bribe to list virtual assets such as Pica Coin in 2020. Hwang has given a total bribe of 2 billion won ($1.5 million) to Kim and other Coinone executives.
Along with Kim and Hwang, the other employees and listing brokers who were allegedly involved in taking bribes to list cryptocurrencies have been arrested.
In a separate development, another South Korean exchange, GDAC, lost $13 million in a hot wallet hack on Sunday. The amount lost in the hack made up 25% of the exchange’s assets under custody.
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