Coinone Conducts Comprehensive Investigation on Cryptocurrency Related to 'Bribery Listing'

On the 13th, Coinone, a domestic virtual asset exchange, announced that it is conducting a full investigation of related virtual assets amid the arrest of former executives and employees over allegations of listing corruption.

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Through a notice on the same day, Coinone stated, "We have launched a full investigation into virtual assets related to the incident," adding, "If any cases that do not meet the standards are found, we will take strong measures such as terminating trading support according to internal regulations as soon as possible and disclose the results transparently."

It continued, "We will hold the perpetrators legally accountable to the fullest extent, including claims for damages, for any harm caused to our company due to their illegal actions," emphasizing, "We will make every effort to prevent the recurrence of similar cases."

As a measure to prevent recurrence, Coinone said it will operate a compliance monitoring committee including external experts and establish a whistleblowing channel for trading support corruption. Additionally, it plans to launch an unfair trading monitoring system in May and stated that it separated the trading support-related organization and reorganized the trading support process earlier this year.

According to the prosecution and others, two former executives and employees of Coinone were arrested on charges of pocketing billions of won in exchange for listing virtual assets on Coinone. The prosecution is also investigating signs of price manipulation of P Coin, which triggered the Gangnam kidnapping and murder case. P Coin is a virtual asset exclusively listed on Coinone, and the prosecution believes that price manipulation occurred twice shortly after its listing on Coinone in November 2020 and again in January the following year.

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