Two Additional Indicted for Coinone Listing Fraud 'Bribery Transactions'

by Han Yeju

Published 27 Apr.2023 19:57(KST)

The Financial Investigation Division 1 of the Seoul Southern District Prosecutors' Office (Chief Prosecutor Lee Seung-hyung) on the 27th indicted Kim Mo, the former head of the listing team at the cryptocurrency exchange Coinone, and broker Hwang Mo in connection with listing corruption at the company. They are accomplices of cryptocurrency listing broker Go Mo and former Coinone executive Jeon Mo, who were each indicted last month and this month, respectively.

Photo by Yonhap News

According to the prosecution, Kim is accused of receiving a total of approximately 1.04 billion KRW in cash and coins from Go and Hwang over two years and five months starting around 2020 in exchange for cryptocurrency listings (charges of embezzlement and obstruction of business). He is also accused of concealing criminal proceeds by converting the received coins into cash and purchasing a villa in Hannam-dong, Seoul.

Hwang is charged with soliciting and providing bribes to have cryptocurrencies listed on Coinone (charge of embezzlement mediation). The prosecution has identified that more than 29 cryptocurrencies, including 'Pikacoin,' were listed on Coinone through these illicit transactions.

As a result, a total of four individuals, including two former executives and employees of Coinone and two brokers, are facing trial on charges of exchanging bribes for cryptocurrency listings on Coinone. The first trial for Go and Jeon, who were indicted earlier, is scheduled for the 25th of next month. Go is charged with providing money and coins to Jeon, Kim, and other Coinone employees (charge of embezzlement mediation), while Jeon is accused of receiving a total of 2 billion KRW along with listing solicitations from brokers Go and Hwang (charge of embezzlement).