Supreme Court Upholds Imprisonment for Former Coinone Executive in 'Listing Bribery' Case

IconCryptoNewsTerminal Staff13 Jun, 2024

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Supreme Court Upholds Imprisonment for Former Coinone Executive in 'Listing Bribery' Case

The Supreme Court of South Korea has finalized prison sentences for former Coinone executives who were convicted 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 received approximately 1.9 billion won (about $1.6 million) in bribes in exchange for listing a specific virtual asset on Coinone. The court confirmed his four-year prison sentence and ordered him to pay a fine of approximately 1.9 billion won. The court also dismissed the appeal of Kim, a former head of Coinone's listing team, and confirmed his three-year and six-month prison sentence and an additional fine of approximately 800 million won (about $670,000). Kim was accused of receiving 800 million won in bribes. The Supreme Court's ruling upholds the lower court's verdicts in the case, which has been closely watched by the cryptocurrency industry in South Korea. The case is seen as a significant step in the country's efforts to crack down on corruption and insider trading in the cryptocurrency market.

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