Employees of South Korean Crypto Exchange Coinone Arrested: Report

Employees of South Korean cryptocurrency exchange Coinone have been arrested in connection with exchanging money in return for listing certain crypto assets, CoinDesk Korea reported on Tuesday.

“There is concern about escaping,” said Seoul Southern District Court Chief Judge Kim Ji-Sook, who issued a warrant for the arrests on Monday.

Coinone’s listing team leader Kim Mo has been accused of violating the Concealment of Criminal Proceeds Act and a breach of trust. Listing broker Hwang Mo was also charged with breach of trust.

According to the report, Hwang paid as much as 2 billion won ($1.51 million) to Kim and Coinone’s former director of listing “Mr Jeon” in return for listing certain virtual assets.

Among these cryptocurrencies was “Furiever Coin,” a crypto exclusively listed on Coinone and that has been linked to a recent kidnap and murder investigation in Gangnam district in Seoul. Police suspect that a 48-year old woman may have been adducted and murdered as revenge for a failed investment.

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Edited by Stephen Alpher.

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