South Korea Trial Of Ex-Coinone Director Embezzlement May 4

Key Points:

• South Korea has set the first trial date of the former Coinone executive for embezzlement of public funds and other charges, May 4.
• Mr. Jeon allegedly received 2 billion won (fees, expenses) from two brokers while serving as the director in charge of listing at the virtual asset exchange Coinone since 2020.
• A listing broker suspected of giving money and valuables to Mr. Jeon, along with the listing request, will also be tried on the same day.

The first trial of a former Coinone executive and a listed broker who exchanged coins and valuables with a crypto listing request will be held on the 4th of next month.

According to the legal community, on the 24th, Judge Kim Jeong-ki of the 7th criminal division of the Seoul Southern District Court designated 10:10 a.m. on May 4 as the first trial date for Mr. Jeon, a former director of Coinone who was charged with breach of trust. Gao Mou, the currency listing broker who requested the money in exchange for the currency listing, will also be tried on the same day.

Mr. Jeon allegedly received 2 billion won (fees, expenses) from two brokers, including Mr. Ko, for a request to list a cryptocurrency while working as a listing director at Coinone, a virtual asset exchange, for two people five and eight months from 2020. There is also an allegation of listing a particular coin (obstructing business) while knowing it is intended for manipulation and poor price.

Mr. Go is accused of treason. It is known that more than 29 cryptocurrencies have participated in the listing. The Financial Investigation Division, 1 of the Seoul Southern District Prosecutors’ Office (Chief Prosecutor Lee Seung-hyung), previously arrested and prosecuted Mr. Jeon on the 7th. Ko was arrested and indicted on the March 7th.

Coinone is gaining attention as an exchange where the Furever Coin cryptocurrency is listed. Furever Coin is a coin listed exclusively on Coinone in 2020 and is known to have been invested by Mr. Lee, a man in his 30s identified as the mastermind behind the kidnapping and murder in Gangnam on the 5th.

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