Coinnest Crypto Exchange CEO Accused For Accepting Bribe

The Seoul Southern District Public Prosecutors’ office has supposedly indicted two executives of South Korean Coinnest crypto exchange for accepting bribes in exchange for listing a cryptocurrency. As per the sources they received 1 billion won worth of cryptocurrencies.

Coinnest CEO Kim Ik-hwan, who is on trial for embezzling customer money, has been accused moreover for listing S Coin, whose technology is fragile. The trial also charged another Kim, the CEO of S Coin, on charges of giving bribery, asking the two Coinnest officials to help with the virtual currency listing procedure.

According to the financial investigation department of the Seoul Southern District Public Prosecutors’ Office that it was confirmed the accused CEO Kim and the company’s executive Cho on charges of receiving the bribe.

The prosecution confirms that this has given a biased advantage to the S Coin’s company because they listed it without doing the good work. The two executives of crypto exchange Coinnest were also accused on April 23, 2018, on a different charge. They were charged with disrespecting the law on economic crimes, such as fraud. At that time, Kim and his party were assumed of having misappropriated money by selling fake coins as if they existed, as per The Korea IT Times.

According to the sources, the transaction happened on February 5 and 6. Coinnest, however, was one of the crypto exchanges that lately finished applying short-term security measures. The Korea Internet and Security Agency (KISA) and the Korean Ministry of Science and Technology had even announced that Coinnest is also not affiliated to the major exchanges in South Korea’s alliance.

The Korean Blockchain Industry Association provides self-inspections of exchange members and tries to regulate the market. As per Bitcoin Exchange Guide, the company was invited to be a part of it, but it has declined the offer.

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