Ex-Coinone Exchange Official Arrested for Crypto Bribery Scandal

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Ex Coinone official arrested for taking KRW 1.9B for listing digital currency.
Bithumb CEO under investigation for similar bribery allegations.
The cryptocurrency industry in South Korea needs more transparency and regulation due to fraud, hacking, and other issues.

South Korean authorities have arrested a former employee of the Coinone exchange, who was allegedly involved in a bribery scandal involving cryptocurrency listings. The individual, identified only as Jeon, reportedly received KRW 1.9 billion (approximately US$1.47 million) from a broker to ensure that a particular digital currency was listed on the Coinone trading platform.

Due to privacy rules, the Seoul prosecutors’ office confirmed Jeon’s arrest but declined to reveal his full name. However, the authorities have stated that they are also investigating Lee Sang-jun, the CEO of Bithumb, the country’s second-largest cryptocurrency exchange, on similar allegations. While the prosecutors h…

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