South Korean Exchange Coinone Employees Arrested for Fraud

• South Korean authorities have arrested several staff members of the cryptocurrency exchange Coinone for breach of trust and other criminal acts.
• The arrests were issued due to an investigation which found that executives had received billions to list certain cryptocurrencies on the platform.
• Coinone is one of the leading exchanges in South Korea, often counted among the Big 4 crypto exchanges in the country.

Coinone Under The Scanner

South Korean authorities have taken several staff members of the cryptocurrency exchange Coinone for breach of trust and other criminal acts. Seoul Southern District Court Chief Judge Kim Ji-Sook issued arrest warrants, as it was deemed necessary given that there was a risk that those involved could escape.

Details Of The Fraud

The head of Coinone’s listing division, Kim Mo, allegedly broke the Concealment of Criminal Proceeds Act as well as facing allegations of breach of trust with another individual, Hwang Mo. It is believed that Hwang paid 2 billion won ($1.5 million) to Kim as bribes in exchange for listings on the platform. Furthermore, investigators claim that ex-director Jeon also received payments to facilitate listing certain assets and evade set procedures outlined by Coinone.

Furever Coin Involvement

One coin listed on the exchange called “Furever Coin” has been linked to a possible murder case involving kidnapping from Seoul’s Gangnam District – suggesting this may have been done in retaliation for an unsuccessful crypto investment through Coinone.

Big 4 Exchange Status

Coinone is one of South Korea’s most prominent cryptocurrency exchanges, often considered part of its renowned Big 4 exchanges alongside UPbit, Bithumb and Korbit – collectively handling over 90% of crypto trading volume in South Korea. Recently, stricter regulations have been imposed by local regulators which all four platforms have abided by so far.


This incident highlights how important it is for regulatory bodies to oversee cryptocurrency exchanges and take action when necessary to ensure justice is served and investors are protected from any fraudulent activity taking place behind closed doors!