Arrest Warrants Issued for Coinone Crypto Trading Head & Broker for Bribery and Coin Trading

04/11/2023 05:45 • Metaverse & Beyond • 64 views

On April 11th, it was reported that the Southern District Court of Seoul, South Korea, issued arrest warrants for Kim, former head of the Coinone cryptocurrency trading team, and Hwang, the Coin broker, who were suspected of bribery and coin trading, because they had a “possibility of escape”. Kim is suspected of violating the Criminal Proceeds Hiding Restriction Law and engaging in dereliction of duty in bribery, while Hwang is suspected of engaging in dereliction of duty in bribery. （News1）

South Korean court orders the arrest of former Coinone employees suspected of bribery

In a recent news report by News1, it was revealed that the Southern District Court of Seoul, South Korea has issued arrest warrants for the former head of Coinone’s cryptocurrency trading team, Kim, and the Coin broker, Hwang. The two individuals are suspected of bribery and coin trading, and there is a strong possibility that they may try to escape prosecution.

Who are Kim and Hwang?

To understand the gravity of the situation, it is important to know who Kim and Hwang are. Kim was the head of Coinone’s cryptocurrency trading team, while Hwang was a Coin broker. Coinone is one of the largest cryptocurrency exchanges in South Korea, and its trading volumes have been steadily increasing over the past few years.

The Allegations

Kim has been accused of violating the Criminal Proceeds Hiding Restriction Law and engaging in dereliction of duty in bribery. Hwang, on the other hand, is suspected of engaging in dereliction of duty in bribery. The investigation into their activities began after a complaint was lodged against them, which led to a raid of the Coinone offices by the police in March. The authorities reportedly seized documents and other materials related to the investigation during the raid.

The Implications for the Cryptocurrency Industry

This news is likely to have a negative impact on the cryptocurrency industry in South Korea, which has already been facing increased scrutiny from the authorities in recent times. In September 2017, the government banned initial coin offerings (ICOs), citing concerns over investor protection and the potential for fraud. This move was followed by a crackdown on cryptocurrency exchanges in the country, which led to a decline in trading volumes.

Conclusion

The arrest warrants issued for Kim and Hwang are a serious blow to the reputation of Coinone and the cryptocurrency industry in South Korea. They also highlight the need for increased regulation and oversight of the industry to prevent fraudulent activities and protect investors.

FAQs

1. What is Coinone?
Coinone is one of the largest cryptocurrency exchanges in South Korea.
2. Why were Kim and Hwang issued arrest warrants?
Kim and Hwang were issued arrest warrants for suspected bribery and coin trading.
3. What are the implications of these arrests for the cryptocurrency industry in South Korea?
These arrests are likely to have a negative impact on the reputation of the cryptocurrency industry in South Korea and highlight the need for increased regulation and oversight.
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