• Ex Coinone official arrested for taking KRW 1.9B for itemizing digital forex.
• Bithumb CEO below investigation for related bribery allegations.
• The cryptocurrency trade in South Korea wants extra transparency and regulation on account of fraud, hacking, and different points.

South Korean authorities have arrested a former worker of the Coinone trade, who was allegedly concerned in a bribery scandal involving cryptocurrency listings. The person, recognized solely as Jeon, reportedly obtained KRW 1.9 billion (roughly US$1.47 million) from a dealer to make sure that a selected digital forex was listed on the Coinone buying and selling platform.

Crypto Panic: South Korea arrests former Coinone trade official for alleged crypto-listing bribery https://t.co/Y9gBVfH8M9 pic.twitter.com/BgABegrLc2

— Crypto Dealer Professional (@CryptoTraderPro) March 23, 2023

Because of privateness guidelines, the Seoul prosecutors’ workplace confirmed Jeon’s arrest however declined to disclose his full title. Nevertheless, the authorities have acknowledged that also they are investigating Lee Sang-jun, the CEO of Bithumb, the nation’s second-largest cryptocurrency trade, on related allegations. Whereas the prosecutors haven’t but requested an arrest warrant for Lee, the investigation might develop to cowl different native crypto exchanges.

The information of the bribery scandal has despatched shockwaves all through the South Korean cryptocurrency trade, which has been below scrutiny for alleged irregularities in recent times. Nevertheless, Coinone, one of many nation’s largest cryptocurrency exchanges, has but to touch upon the arrest.

The arrest of the previous Coinone worker marks a big improvement within the investigation into the alleged bribery scandal, which has raised issues in regards to the integrity of cryptocurrency listings in South Korea. The case is anticipated to have far-reaching implications for the nation’s digital forex trade, and authorities have indicated they’ll proceed investigating irregularities within the sector.

The bribery scandal involving cryptocurrency listings is simply the newest subject to hit the South Korean cryptocurrency trade, which has struggled with fraud, hacking, and different issues. In 2017, the nation’s monetary regulator banned preliminary coin choices (ICOs) and imposed strict laws on cryptocurrency buying and selling to curb the potential for fraud and cash laundering.

The arrest of the previous Coinone worker and the investigation into Lee Sang-jun, the CEO of Bithumb, have spotlighted the necessity for higher transparency and regulation within the South Korean cryptocurrency trade.

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