The Seoul Southern District Public Prosecutors’ Business office has reportedly indicted two executives of South Korean crypto trade Coinnest for accepting a bribe in trade for listing a cryptocurrency. In accordance to local media, they received 1 billion received (~US$890,000) truly worth of cryptocurrencies – mostly BTC.
Coinnest Execs Indicted for Accepting Bribe
The money investigation division of the Seoul Southern District Public Prosecutors’ Business office stated last week that it has indicted the CEO and COO of crypto trade Coinnest “on fees of receiving a bribe,” Korea IT Periods noted.
CEO Kim Ik-hwan and COO Cho have been accused of accepting a bribe from the CEO of a company looking for to list its cryptocurrency on Coinnest. Regional media refer to this coin only as “S coin.”
In addition to indicting Coinnest’s executives, “The prosecution also indicted an additional Kim, the CEO of S Coin, on fees of providing bribery, inquiring the two Coinnest executives to support with the digital forex listing system,” the publication elaborated, incorporating:
Coinnest CEO Kim and [COO] Cho received 1 billion received [~US$890,000] truly worth of bitcoin and S coin in early February this yr in return for offering their convenience in listing the S coin.
Specially, the duo “received a total of one hundred ten bitcoins truly worth 860 million received [~$771,270]” on Feb. five and six, the information outlet in-depth, incorporating that they also received “2 million S cash truly worth 70 million received [~$sixty two,778] each” on Feb. twelve and 14.
The prosecution believes that the executives presented the issuer of S coin with the “unfair” convenience of listing the coin, these kinds of as listing “without exact evaluation of the technology of S coin and hastening the listing date of S coin,” Yonhap in-depth.
The two executives of Coinnest were being also indicted on April 23 on a unique demand. Korea IT Periods spelled out that they were being billed with “violating the regulation on particular economic crimes, which include fraud, along with the company govt Hong. At that time, Kim and his party were being suspected of getting embezzled dollars by advertising bogus cash as if they existed.”
In April, all main crypto exchanges in South Korea jointly declared self-regulation below the advice of the Korean Blockchain Industry Affiliation. Nonetheless, Coinnest opted out. When the association introduced that twelve out of its 23 trade associates experienced concluded self-inspection in July, Coinnest was not among them.
Coinnest, nevertheless, was a single of the crypto exchanges that just lately concluded employing shorter-term security steps, the Korea Online and Security Agency (KISA) and the Korean Ministry of Science and Technology introduced in August.
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Images courtesy of Shutterstock and Coinnest.
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