Former Coinone Exec Answers Bribery Allegations In South Korean Court

Summary:

• A Lawyer for Coinone’s former Listing Director Mr. Jeon and his broker Mr Ko responded to bribery charges during a hearing on Thursday.
• South Korean prosecutors claim Mr. Jeon took $1.51 million in bribes for exclusively listing “Furiever Coin” on the crypto exchange Coinone.
• The token is tied to a murder investigation in Gangnam, a district in the capital Seoul.
• Mr. Jeon’s attorney said the defense will provide a final opinion after reviewing all available evidence.

“Mr. Jeon”, the former director of listing at crypto exchange Coinone, formally recognized bribery charges against him and his broker “Mr. Ko” during a South Korean court hearing on May 25.

“I admit the facts of the prosecution.” an attorney for the former Coinone exec said at a hearing, reports from Yonhap News reported.

The admission does not necessarily mean a guilty plea. Rather it serves as an acknowledgment of the charges and claims made by South Korean prosecutors. Mr. Jeon’s attorney said a final opinion will be communicated to the court after all available evidence is reviewed.

Coinone Crypto Listing Scandal

The former head of Coinone’s listing machinery is accused of accepting around $1.51 million or 2 billion won for exclusively listing a cryptocurrency – Furiever Coin. Prosecutors named Furiever Coin as a point of interest in a murder investigation following a kidnapping in Gangnam, & a district in the capital city of Seoul.

A broke identified as Mr.Ko is said to be involved in the deal and the cheat listing that followed. Mr. Ko is also facing charges in a South Korean court alongside Coinone’s former director of listing.

South Korean Crypto Prosecutors On The Prowl

The country is beefing up laws and policies following collapses like Terraform Labs from last year. Lawmakers are currently reviewing bills to standardize the crypto industry in South Korea while punishing non-compliers and protecting customers.

A bill was recently passed requiring policymakers and politicians to disclose their crypto holdings. Authorities are also working on extraditing TerraUSD creator Do Kwon.

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