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Projects were allegedly swayed into signing contracts with dubious market makers as consideration for listing on crypto exchange Coinone. According to local news outlet The JoongAng, an indictment on May 22 revealed that four individuals named Mr. Jeon, Mr. Kim, Mr. Ko and Mr. Hwang in court proceedings, all of whom were employees of South Korean crypto exchange Coinone, allegedly used illicit means to profit more than 2.98 billion Korean won ($2.26 million) during coin listing s from various projects. At least 46 coins were involved in the incident lasting from November 2019 to December 2022, accounting for nearly 25% of all tokens listed on Coinone. As told by prosecutors, Coinone executives and staff members required projects to sign a market-making (MM) contract with a specific MM company through brokers before a coin’s listing. This was done to ensure sufficient liquidity in trading volume after the new coins were listed. However, the contract’s recipients allegedly operated i...

Crypto mining firm Riot Platforms seeks to terminate “certain hosting agreements” with Rhodium and requests exemption from any owed power credits to the counterparty. Crypto mining firm Riot Platforms – formerly Riot Blockchain – is seeking to recover “more than $26 million” in alleged unpaid fees from Texas-based Bitcoin (BTC) miner , Rhodian Enterprises, according to its Q1 2023 report. Published on May 10, Riot's Q1 2023 financial report stated that Whinstone – a wholly owned subsidiary of Riot – has filed a petition against Rhodium Enterprises on May 3, alleging a breach of contract for failing to pay “certain hosting and service fees under agreements." Riot seeks to recover “more than $26 million,” plus legal fees and other expenses that are incurred during the legal proceedings, as outlined in the report. It was further requested that “certain hosting agreements” with Rhodium are terminated and "no power credits are owed to Rhodium.” Extract of Riot Platforms qua...