Former Coinone employee arrested in bribery case

A former employee of the South Korean cryptocurrency exchange Coinone has been arrested on bribery charges. local media, citing the Seoul Southern District Prosecutors’ Office, report this.

According to the agency, the suspect, surnamed Chon, is believed to have received 1.9 billion won (about $1.47 million) in 2020 from an unnamed broker for listing his token on Coinone.

The prosecutors declined to reveal Chon’s full name, citing privacy rules. They also clarified that they are investigating the case on similar charges against Bithumb CEO Lee Sang-jun. The police have not yet issued an arrest warrant for him.

The investigation could extend to other local crypto exchanges. According to media reports, Upbit, Korbit, and Gopax are involved, also suspected of illegally listing digital assets.

Earlier in February, South Korean authorities arrested the owner of Bithumb Kana Jona Hen, suspected of embezzlement and manipulating the share price of several affiliated firms.