Kim Ji-sook, the Chief Judge at the Seoul Southern District Court, has issued an arrest warrant for Kim Mo, Hwang Mo, and other executives of Coinone (one of the leading crypto exchanges in South Korea), citing receipt of billions of won in bribes to list certain cryptocurrencies on the platform.
More Drama in South Korea
Local media reports that several employees of Coinone, including Kim Mo and Hwang Mo, were detained. Kim Mo violated the Concealment of Criminal Proceeds Control Act and breach of trust by taking a bribe of one billion won from Hwang for listing digital currencies on the platform, while Hwang was charged with breach of trust for bribing Kim and other Coinone executives a total of 2 billion won. Coinone is among the largest crypto exchanges in South Korea and was one of the few to complete the registration policies required by local regulators in 2021.
South Korea was in the news recently due to the hacking attack on the crypto platform GDAC. As reported by CryptoPotato, cybercriminals breached its security and drained over $13 million worth of digital currencies. GDAC took emergency measures by blocking deposits and withdrawals, reporting the issue to relevant law enforcement agencies, and seeking help from rival companies in the industry.
The Do Kwon Saga
The South Korean Co-Founder of Terraform Labs, Do Kwon, became a fugitive following the collapse of LUNA/UST, with multiple failed investors and agencies blaming him for the adverse event. Kwon hid in different countries across the globe, including Dubai, Singapore, Russia, and Mauritius. South Korean Ministry of Justice and Interpol issued a notice, but it did not affect Kwon’s location until he was eventually arrested at Podgorica airport in March. American prosecutors charged him with securities fraud, commodities fraud, and conspiracy. It is unclear whether Kwon will face justice in South Korea or the United States, but Montenegrin law requires him to spend at least 30 days in a local facility since he was arrested on their soil.