Crypto Exchange Coinone's Former Exec Acknowledges Bribery Charges in South Korea: Report

A lawyer for the accused reportedly said he admits "the facts of the prosecution," during a May 25 trial hearing.

AccessTimeIconMay 26, 2023 at 9:09 a.m. UTC

A former executive of South Korean cryptocurrency exchange Coinone, who was accused of taking bribes in return for listing certain coins, has acknowledged the charges, local news agency Yonhap reported on Thursday.

"Mr Jeon," Coinone's former director of listing, was accused of receiving nearly 2 billion won ($1.51 million) in return for listing virtual assets such as "Furiever Coin," which was listed exclusively on the exchange, and has since been linked to a kidnapping and murder investigation in the Gangnam district in Seoul. Jeon's broker, known as "Mr Ko," is accused of facilitating the listings.

At a trial hearing on May 25, a lawyer for the two reportedly said: "I admit the facts of the prosecution."

"Basically, we are acknowledging the facts of the prosecution, but since we have not been able to view all the evidence, we will present a final opinion after review," the lawyer added.

Coinone's listing team leader and another broker have also been accused, but their lawyers said they have yet to finish reviewing evidence and will respond to the charges at the next trial hearing on June 15.

Coinone didn't immediately respond to a CoinDesk request for comment.

Edited by Sandali Handagama.


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Jamie Crawley is a CoinDesk news reporter based in London.

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