coinone logo and hands accepting bribery

South Korea arrests ex-Coinone official for alleged bribery

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A former employee at Coinone, one of South Korea’s top five cryptocurrency exchanges, was arrested Tuesday on charges of accepting bribes in exchange for listing certain cryptocurrencies on the platform in 2020, the Seoul Southern District Prosecutors’ Office said. 

See related article: Bithumb executive faces investigation over alleged bribery in South Korean crypto listing

Fast facts

  • The former employee, identified only by the family name Jeon, received 1.9 billion Korean won (US$1.47 million) from a broker for listing a certain cryptocurrency on Coinone trading platform, according to local media reports. The prosecutors’ office confirmed the arrest with Forkast, but declined to reveal Jeon’s full name due to privacy rules.
  • Seoul prosecutors are also investigating Lee Sang-jun, the chief executive officer of the holding company of Bithumb, the country’s second largest cryptocurrency exchange, on similar allegations. The prosecutors told Forkast they have not yet requested an arrest warrant for Lee.
  •  A spokesperson for the Seoul Southern District Prosecutors’ Office said the investigation may expand to cover other local crypto exchanges.
  • Forkast contacted Coinone for comment on the arrest Thursday morning and has yet to receive a response.

See related article: South Korea reports US$4.3 billion in illegal foreign transactions involving cryptocurrencies

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