Employees of South Korean Crypto Exchange Coinone Arrested: Report

They allegedly took money in return for listing certain tokens on the exchange.

AccessTimeIconApr 11, 2023 at 12:24 p.m. UTC
Updated Apr 11, 2023 at 3:17 p.m. UTC

Employees of South Korean cryptocurrency exchange Coinone have been arrested in connection with exchanging money in return for listing certain crypto assets, CoinDesk Korea reported on Tuesday.

"There is concern about escaping," said Seoul Southern District Court Chief Judge Kim Ji-Sook, who issued a warrant for the arrests on Monday.

Coinone's listing team leader Kim Mo has been accused of violating the Concealment of Criminal Proceeds Act and a breach of trust. Listing broker Hwang Mo was also charged with breach of trust.

According to the report, Hwang paid as much as 2 billion won ($1.51 million) to Kim and Coinone's former director of listing "Mr Jeon" in return for listing certain virtual assets.

Among these cryptocurrencies was "Furiever Coin," a crypto that was listed exclusively on Coinone and that has been linked to a recent kidnapping and murder investigation in the Gangnam district in Seoul. Police suspect that a 48-year old woman may have been abducted and murdered as revenge for a failed investment.

Edited by Stephen Alpher.


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Jamie Crawley is a CoinDesk news reporter based in London.

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