South Korean authorities arrest Coinone employees

Several employees of the South Korean cryptocurrency exchange Coinone have been arrested on suspicion of bribery, according to CoinDesk Korea.

In particular, law enforcement officers have detained the platform’s head of the listing group Kim Mo and broker Hwan Mo.

Earlier authorities arrested a defendant surnamed Chon, who is also suspected of receiving a bribe. It later emerged that in 2020 he held the position of Director of Listing.

According to the report, Hwan paid 2 billion won (~$1.51 million) to Kim and Chon in exchange for listing certain digital assets.

Among the ‘bribe’ coins was Furiever Coin, which traded exclusively on Coinone. Authorities linked the token to the recent murder of a woman in Seoul. According to investigators, the crime could have stemmed from failed investments.

Chairman of the Korean court Kim Ji-suk noted a high likelihood of flight by the detainees, so they are unlikely to be released on bail.

Earlier in February, authorities in South Korea arrested the owner of Bithumb Kan Чжона Хена, suspected of embezzlement and manipulating the stock prices of several affiliated firms.

In April, Seoul authorities confiscated assets of early investors and Terraform Labs employees totaling about $205 million.