Coinnest Coin Listing Bribery for Adding Crypto Tokens See Executives Accused and Indicted

The Seoul Southern District Public Prosecutor’s Office has recently accused and indicted two South Korean executives of a crypto exchange called Coinnet. According to the charges, they have been accepting bribes in order to list cryptos. Local media outlets have affirmed that the duo received over 1 billion won (about $900,000 USD) in cryptos for the service, mostly in BTC.

The two are Kim Ik-hwan and Cho Ik-hwan, the CEO and COO of the exchange. They were charged for receiving bribes from the CEO of a company seeking to list its cryptos, known as “S coin” by the local media. Korea’s prosecution has also indicted the CEO of S Coin on charges of giving bribery and asking the two execs to help with the listing process.

According to the media, the transaction happened on February 5 and 6. The prosecution affirms that this has given an unfair advantage to the S Coin’s company because they listed it without doing the proper work.

Previous Charges

This is not the first time that the two executives are indicted for something. According to reports from the local media, they have also been indicted on April 23 and charged with violating the law on specific economic crimes. Other charges include fraud and embezzlement of money by selling fake coins.

Coinnest is also not affiliated to the major exchanges in South Korea’s alliance. The Korean Blockchain Industry Association provides self-inspections of exchange members and tries to regulate the market. The company was invited to be a part of it, but it has declined the offer. However, the company was one of the latest exchanges to implement short-term security measures to protect its business.

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