Coinone Employees Sentenced for Accepting Bribes in Cryptocurrency Listing Scandal
Two former employees of Coinone, a prominent South Korean cryptocurrency exchange , have been handed prison sentences for their involvement in a bribery scheme aimed at influencing the listing of specific cryptocurrencies on the platform. This scandal, which spanned over two years from 2020, highlighted corruption in the crypto industry. Jeon, the former head of crypto listing at Coinone, received a four-year prison sentence and was ordered to repay 1.93 billion Korean won (approximately US$1.43 million) in unlawfully acquired profits. He was initially arrested on March 22, 2023, on bribery and breach of trust charges. His accomplice, Kim, who worked alongside Jeon, was sentenced to 42 months in prison and faced a penalty of 883 million won (about US$654,000) for the same charges. The case also involved two brokers, Koh and Hwang, who were accused of facilitating the bribery scheme. They received sentences of 18 months and 30 months in prison, respectively. According to Seoul Southe...