2 years ago
Four individuals person been indicated successful narration to a listing ungraded astatine the South Korean crypto speech Coinone, The JoongAng said connected May 21.
Two executives, 2 brokers indicted
According to prosecutors, Coinone listing squad person Kim Mo and Coinone listing broker Hwang Mo were some indicted. Two others were additionally indicted.
Coinone’s erstwhile Chief Sales Officer (CGO), Jeon Mo-ssi, was besides investigated 3 times successful March and April, though it is unclear whether helium was indicted.
Coinone executives accepted outgo to database astatine slightest 46 of the cryptocurrencies present disposable connected their exchange. That fig represents 25% of each cryptocurrencies listed connected Coinone, though prosecutors accidental this fig could summation arsenic investigations continue.
In total, Coinone members received a full of 2.98 cardinal won ($2.27 million) successful speech for listing the applicable cryptocurrencies.
Coinone engaged successful marketplace manipulation
In summation to requiring outgo from parties that sought to person their coin listed, Coinone encouraged immoderate parties to facilitate marketplace manipulation.
Coinone executives reportedly encouraged listing parties to motion a declaration that compelled them to taxable orders done market-making firms. The marketplace shaper past manipulated prices and falsely accrued trading volumes done cross-trading. In speech for signing those contracts, Coinone waived the listing deposit for the listing party.
The marketplace manipulation described supra misled speech users astir the applicable cryptocurrency’s measurement and price, prosecutors said.
Officials said that they person not antecedently prosecuted a lawsuit of fraud against mean investors related to amerciable market-making successful the crypto market.
The station South Korean speech Coinone execs indicted successful paid listing, marketplace manipulation scandal appeared archetypal connected CryptoSlate.
English (US) 