Broker Arrested for 'Cryptocurrency Listing Bribery'... "Risk of Flight"

[Asia Economy Reporter Hwang Seoyul] A listing broker who solicited a cryptocurrency exchange official for a cryptocurrency listing has been detained.

On the 17th, Kwon Giman, the judge in charge of warrants at the Seoul Southern District Court, held a detention hearing (warrant substantive examination) for the listing broker Mr. Go and Coinone exchange official Mr. Jeon, and issued a detention warrant for Mr. Go on charges of breach of trust, citing "risk of flight."

The warrant was dismissed for Mr. Jeon, who was charged with accepting bribes for breach of trust, as there was no concern of evidence destruction or flight risk.

According to the prosecution, they are suspected of soliciting and exchanging money and goods in 2020 to list a cryptocurrency on the Coinone exchange. The cryptocurrency solicited by Mr. Go is reported to have been officially listed on Coinone.

The Seoul Southern District Prosecutors' Office is investigating various suspicions surrounding cryptocurrency exchanges, such as price manipulation and collusion between issuers and exchanges, and has detected signs of corruption related to the Coinone listing, currently conducting an investigation.