Illegal cryptocurrency listings and price manipulation cases continue to be uncovered.
The cryptocurrency industry is facing challenges as recent cases of bribery related to cryptocurrency listings and organized price manipulation have come to light.
According to the prosecution and the virtual asset industry on the 24th, the Seoul Southern District Prosecutor's Office, Financial Investigation Division 1 (Chief Prosecutor Lee Seung-hyung), is currently investigating and has arrested listing broker Mr. Ko on charges of bribery (embezzlement) for allegedly offering billions of won to Coinone, a domestic cryptocurrency exchange, in exchange for listing several domestically issued coins, including P Coin.
(omitted)
Pureun “Ian” Hong, managing partner at Decent Law Firm, stated, "Currently, financial institutions such as banks and securities firms are classified as financial companies under the Act on the Aggravated Punishment of Specific Economic Crimes, which subjects employees to harsher penalties if they receive money or valuables. It is necessary to include cryptocurrency exchanges in this category to impose stricter penalties."
