Ex-Coinone Change Official Arrested for Crypto Bribery Scandal

• Ex Coinone official arrested for taking KRW 1.9B for itemizing digital foreign money.
• Bithumb CEO beneath investigation for comparable bribery allegations.
• The cryptocurrency business in South Korea wants extra transparency and regulation as a result of fraud, hacking, and different points.

South Korean authorities have arrested a former worker of the Coinone change, who was allegedly concerned in a bribery scandal involving cryptocurrency listings. The person, recognized solely as Jeon, reportedly obtained KRW 1.9 billion (roughly US$1.47 million) from a dealer to make sure that a specific digital foreign money was listed on the Coinone buying and selling platform.

As a result of privateness guidelines, the Seoul prosecutors’ workplace confirmed Jeon’s arrest however declined to disclose his full title. Nevertheless, the authorities have said that also they are investigating Lee Sang-jun, the CEO of Bithumb, the nation’s second-largest cryptocurrency change, on comparable allegations. Whereas the prosecutors haven’t but requested an arrest warrant for Lee, the investigation might increase to cowl different native crypto exchanges.

The information of the bribery scandal has despatched shockwaves all through the South Korean cryptocurrency business, which has been beneath scrutiny for alleged irregularities in recent times. Nevertheless,  Coinone, one of many nation’s largest cryptocurrency exchanges, has but to touch upon the arrest.

The arrest of the previous Coinone worker marks a major growth within the investigation into the alleged bribery scandal, which has raised considerations in regards to the integrity of cryptocurrency listings in South Korea. The case is anticipated to have far-reaching implications for the nation’s digital foreign money business, and authorities have indicated they’ll proceed investigating irregularities within the sector.

The bribery scandal involving cryptocurrency listings is simply the most recent situation to hit the South Korean cryptocurrency business, which has struggled with fraud, hacking, and different issues. In 2017, the nation’s monetary regulator banned preliminary coin choices (ICOs) and imposed strict laws on cryptocurrency buying and selling to curb the potential for fraud and cash laundering.

The arrest of the previous Coinone worker and the investigation into Lee Sang-jun, the CEO of Bithumb, have spotlighted the necessity for larger transparency and regulation within the South Korean cryptocurrency business.