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.
CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.