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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...

Do Kwon Assets Frozen The assets include Kwon’s Seoul residence, real estate, imported cars, securities deposited with Mirae Asset Securities, deposits with Woori Bank, and crypto assets in cryptocurrency exchanges. Authorities also alleged that Kwon and Terraform serviced unregistered financial securities. advertisement The court’s decision means Kwon cannot move or sell the assets and properties equivalent to the amount of his alleged illegal profits, which will be confiscated following a guilty verdict. The director of Seoul Southern District’s joint financial crimes team told The Wall Street Journal last week that Kwon could face over 40 years in prison if convicted, the heaviest sentence given to a financial crime in South Korea ’s history. Charges Against Terra Founder The Terra founder is facing charges of orchestrating a cryptocurrency fraud both in the US as well as South Korea . He was arrested on March 23, 2023, in ...