- He took money for listing certain tokens
- The broker-accomplice of the company also admitted his guilt.
Former CEO of Coinone acknowledged guilty of accepting bribes in exchange for listing certain cryptocurrencies on the platform.
The court documents did not list the person’s name. It is a common practice in South Korea that the authorities are not required to disclose data due to confidentiality rules. Therefore, the accused appears in the documents under the conditional nickname Chon.
So, Jung is accused of receiving approximately 2 billion Korean won from 2020 to 2022 in exchange for listing cryptocurrencies on the Coinone platform. The man also admitted that he knew that the market prices for tokens were being manipulated. This was due to collusion with a local broker who gave fake trading volumes.
Prosecutors claim that they are aware of at least two facts of manipulation of token rates. These are Pica Coin and Puriver coins.
Chung and his broker Koh admitted that the prosecutors’ allegations were true. However, their lawyers said they would not formally plead guilty until all available evidence was examined. The next trial of the accused will take place on June 15.
South Korean prosecutors plan to expand the investigation to other local exchanges. They are looking for new evidence of cryptocurrency listing manipulation in the wider country market.
Recently it became known that the Coinone crypto exchange “earned” $ 2.27 million on a paid listing.
