Cryptocurrencies have become the latest buzzwords in the financial industry with their popularity on the rise in recent years. South Korea has taken a special interest in the digital currency and has come down hard on parties that attempt to manipulate the market or commit crimes such as fraud and embezzlement with virtual assets.

This can be seen in the recent trial of the former coinone listing director, Jeon, who is being accused by the Seoul Southern District Prosecutors’ Office of claiming 2 billion won in bribes from two brokers in exchange for listing a certain cryptocurrency. The Financial Investigation Division alleged that Jeon was aware that the cryptocurrency in question was intended for manipulation and manipulation of its value. He also faces accusations of treason for listing over 29 cryptocurrencies in total.

On March 7th, Jeon was arrested and Ko, one of the brokers in question, was arrested and indicted as well. Coinone is garnering further attention in the wake of this incident, as the Furever Coin cryptocurrency is listed exclusively on the platform. This particular cryptocurrency was reported to have been invested into by Lee, who is said to be the mastermind behind the kidnapping and murder that occurred on 5th in Gangnam.

It is clear that South Korea is taking a serious approach to preventing cryptocrime and the manipulation of the cryptocurrency market. It is hoped that stronger regulations and more stringent legislation can be put in place to ensure the safety of those investing in virtual assets and to protect the integrity of whole cryptocurrency industry.



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