Supreme Court Upholds Jail Terms for Ex-Coinone Execs Accused of 'Listing Bribery'

IconCryptoNewsTerminal Staff13 Jun, 2024

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Supreme Court Upholds Jail Terms for Ex-Coinone Execs Accused of 'Listing Bribery'

Supreme Court Confirms Imprisonment of Former Coinone Executives Accused of 'Listing Bribery' The Supreme Court of South Korea has finalized prison sentences for former Coinone employees who were found guilty of receiving bribes in exchange for listing virtual assets on the cryptocurrency exchange. On June 13, the 2nd Division of the Supreme Court dismissed the appeal of Jeon, a former Coinone executive who was sentenced to four years in prison and fined approximately 1.9 billion won (around $1.5 million) for accepting bribes totaling 1.9 billion won in exchange for listing a specific virtual asset on Coinone. The court also dismissed the appeal of Kim, a former head of Coinone's listing team, and upheld his sentence of three years and six months in prison, along with an additional fine of approximately 800 million won (around $620,000) for receiving bribes worth 800 million won. The Supreme Court's decision marks the final ruling in the case, which has been closely watched by the cryptocurrency industry in South Korea. The verdict sends a strong message that corruption and bribery will not be tolerated in the virtual asset market.

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