2 - 4 minute read
A former executive of South Korean cryptocurrency exchange Coinone has admitted to taking bribes in exchange for listing certain coins. Local news agency Yonhap reported on Thursday that Coinone’s former director of listing, “Mr Jeon,” had been accused of receiving nearly 2 billion won ($1.51 million) to list 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.” Although they have yet to view all the evidence, they plan to present a final opinion after review. 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.
This news serves as a reminder to traders of the importance of transparency and ethics in the cryptocurrency market. The cryptocurrency market is largely unregulated, making it easier for bad actors to engage in fraudulent activities. However, as the market matures, regulators are cracking down on illicit activities, and exchanges that fail to adhere to ethical standards will face severe consequences.
In an interview with Forbes, cryptocurrency expert Alex Mashinsky stressed the importance of transparency in the market. “When it comes to cryptocurrency, transparency is critical,” said Mashinsky. “Investors need to know that the market is fair and free from manipulation. Exchanges that fail to adhere to ethical standards risk losing the trust of their users, which can have severe consequences for their business.”
Coinone has not yet responded to a request for comment from CoinDesk. The implications of this news for Coinone and the wider cryptocurrency market are yet to be seen. Traders should remain vigilant and closely monitor the situation as it develops.
The Bottom Line
The admission of guilt by a former Coinone executive for taking bribes in exchange for listing certain coins is a reminder to traders of the importance of transparency and ethics in the cryptocurrency market. As the market matures, regulators are cracking down on illicit activities, and exchanges that fail to adhere to ethical standards will face severe consequences. Traders should remain vigilant and closely monitor the situation as it develops.