• Coinone, one of South Korea’s leading crypto exchanges, is being investigated by prosecutors after executives were accused of receiving bribes to list specific cryptocurrencies on the platform.
• Several employees have been detained by authorities, who claim that a former director also received payments in order to circumvent the exchange’s listing procedures.
• The investigation is linked to a murder case involving the kidnapping of someone from Seoul’s Gangnam district and an investment gone wrong.

Coinone Under Investigation

South Korean authorities have taken several staff members of the cryptocurrency exchange Coinone for breach of trust and other criminal acts. Coinone is one of the leading cryptocurrency exchanges in the country, often counted among the Big 4 crypto exchanges in South Korea. The arrest warrants were issued by Seoul Southern District Court Chief Judge Kim Ji-Sook, who stated that the employees in question could escape and deemed it necessary to detain them.

Details Of The Fraud

Prosecutors in South Korea have claimed that the executives in question had received billions to list specific cryptocurrencies on their platform. As a result, authorities detained several employees of the exchange. According to the authorities, the head of Coinone’s listing division, Kim Mo, broke the Concealment of Criminal Proceeds Act. He also faced allegations of breach of trust, along with another individual, Hwang Mo. Hwang allegedly paid 2 billion won ($1.5 million) to Kim as a listing broker in exchange for Kim listing certain cryptocurrencies on Coinone’s platform. Additionally, investigators suggested that ex-director Mr Jeon could have been involved as well by receiving payments for facilitation purposes and bypassing Coinone’s usual listing procedures for certain assets.

Link To Murder Case

Authorities further suspect that one particular coin listed on Coinone can be tied to a possible murder case which involved kidnapping someone from Gangnam district located at Seoul city centre area . This “Furever Coin” was speculated by police officials as being connected with an investment gone wrong which may have resulted into this unfortunate incident .

Coinone: One Of The Big 4

Coinone was founded in 2014 by Kevin Cha with an intention to serve crypto users based out from South Korea . Later they expanded their services towards Indonesia , in 2017 . Alongside other exchanges such as UPbit , Bithumb , Korbit , it became part of South Korea’s infamous big four crypto exchanges together handling more than 90% trading volume within this domain . Recently , stricter regulations were imposed upon these operating platforms prompting some exchanges including Coinone into compliance with those rules .


In conclusion , despite ‚Furever coin‘ controversy it appears that majority operations are running smoothly under new guidelines and regulations provided by local government within South Korean cryptocurrency industry . It remains yet unknown whether criminals will face consequences or not but no doubt it has created quite stir within public opinion about safety concerns over investments made through these digital currency platforms .

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