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A significant development occurred today in the cryptocurrency world. The South Korean Supreme Court upheld the prison sentences of two former executives of Coinone, one of South Korea’s leading cryptocurrency exchanges, in connection with a scandal involving commissions for listing cryptocurrencies. This decision is a result of legal proceedings initiated in early 2023 regarding allegations of irregularities in Coinone’s listing practices.
Court Upholds Executives’ Prison Sentences
On June 13, the Supreme Court’s second division rejected the appeal of Jeon Mo-mo, a former executive accused of accepting approximately 1.9 billion won (about 1.9 million dollars) in bribes to facilitate the listing of certain cryptocurrencies.
Jeon received a four-year prison sentence and a fine equivalent to the bribe amount. Similarly, the appeal of another former executive responsible for Coinone’s listing team, Kim Mo, was also rejected. Kim was sentenced to three years and six months in prison and fined approximately 800 million won for his involvement in the scandal.
Allegations in the Case
The case revolved around allegations that these executives accepted a total of about 2.7 billion won (approximately 2.7 million dollars) in commissions from brokers between 2020 and 2022 to ensure the listing of certain cryptocurrencies on Coinone’s platform.
Prosecutors first accused Jeon and Kim of accepting these illegal payments in April 2023. Additionally, brokers Hwang Mo-mo and Ko Mo-mo were accused of providing the commissions, which were considered embezzlement under the legal framework.
The legal proceedings occurred in several stages. At the initial hearing in the 7th Criminal Division of the Seoul Southern District Court, Judge Kim Jung-ki sentenced Jeon to four years in prison and a significant fine, while Kim received three and a half years in prison and a substantial fine.
Brokers Hwang and Ko received lesser prison sentences of two and a half years and one and a half years, respectively. Subsequent appeals by all defendants were rejected by the 1st Criminal Division of the Seoul Southern District Court in February 2024, confirming the initial verdicts.
