Broker Who Paid Hundreds of Millions in Bribes for Cryptocurrency Listing Arrested and Indicted
The First Case Among the Top 5 Cryptocurrency Exchanges
A broker, Mr. Go, who requested cryptocurrency listings worth several hundred million won at cryptocurrency exchanges, has been arrested and indicted. This is the first case in which the prosecution has identified and brought to trial brokers related to the five major cryptocurrency exchanges.
On the 14th, the Financial Investigation Division 1 of the Seoul Southern District Prosecutors' Office (Chief Lee Seung-hyung) arrested and indicted Mr. Go on charges of bribery (breach of trust mediation) for giving several hundred million won to Mr. Jeon, a Coinone official, in exchange for cryptocurrency listing requests. Mr. Go is accused of handing over several hundred million won to Mr. Jeon, who was in charge of listing operations at Coinone in 2020, to request the listing of specific cryptocurrencies such as Pikacoin.
During an investigation into fraud suspicions related to Pikacoin, a utility token linked to artworks, the prosecution uncovered evidence that large sums of illicit money passed through Mr. Go to Coinone during the listing processes of various cryptocurrencies. Mr. Go and other parties involved acknowledged that money was exchanged but denied that it was for the purpose of cryptocurrency listing requests.
On the 16th of last month, the prosecution filed arrest warrants against Mr. Go and Mr. Jeon (on charges of breach of trust acceptance). The court issued a warrant only for Mr. Go. After the maximum pretrial detention period of 20 days ended, Mr. Go proceeded to trial first. Mr. Jeon is under investigation without detention.
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The prosecution is conducting additional investigations, believing that there may be more financial transactions among cryptocurrency issuing companies, brokers, and exchanges. So far, Upbit, Bithumb, Coinone, Korbit, and Gopax cryptocurrency exchanges have stated that brokers cannot intervene in the listing process.
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