<![CDATA[<figure class="image"><img src="https://cimg.co/news/125574/331572/adobestock-645430120.jpeg" alt="A person wearing a suit holds a bar on a locked prison cell door." srcset="https://cimg.co/news/125574/331572/responsive-images/adobestock-645430120___media_library_original_1500_999.jpeg 1500w, https://cimg.co/news/125574/331572/responsive-images/adobestock-645430120___media_library_original_1200_799.jpeg 1200w, https://cimg.co/news/125574/331572/responsive-images/adobestock-645430120___media_library_original_900_599.jpeg 900w, https://cimg.co/news/125574/331572/responsive-images/adobestock-645430120___media_library_original_720_480.jpeg 720w, https://cimg.co/news/125574/331572/responsive-images/adobestock-645430120___media_library_original_600_400.jpeg 600w, https://cimg.co/news/125574/331572/responsive-images/adobestock-645430120___media_library_original_300_200.jpeg 300w" sizes="100vw" width="1500" class="content-img"><figcaption>Source: deagreez</figcaption></figure>A <a href="https://cryptonews.com/tags/south-korea">South Korean</a> court has jailed a former senior executive of the <a href="https://cryptonews.com/tags/crypto-exchange">crypto trading platform</a> Coinone for taking bribes in exchange for listing altcoins.The Seoul Southern District Court sentenced an individual surnamed Jeon (age 41) to four years in prison, <a href="https://newsis.com/view/?id=NISX20230926_0002464982" rel="nofollow">Newsis</a> reported.Jeon was the former general director of coin listings at Coinone, one of South Korea&rsquo;s so-called big four crypto exchange platforms.Another individual, surnamed Kim (31), was given a three-year jail term.Kim served as the manager of Coinone&rsquo;s listing team.<figure class="image"><img src="https://cimg.co/news/125574/331573/coinone-2609.jpg" alt="A graph showing trading volumes on the Coinone crypto exchange over the past 12 months." srcset="https://cimg.co/news/125574/331573/responsive-images/coinone-2609___media_library_original_1845_339.jpg 1845w, https://cimg.co/news/125574/331573/responsive-images/coinone-2609___media_library_original_1200_220.jpg 1200w, https://cimg.co/news/125574/331573/responsive-images/coinone-2609___media_library_original_900_165.jpg 900w, https://cimg.co/news/125574/331573/responsive-images/coinone-2609___media_library_original_720_132.jpg 720w, https://cimg.co/news/125574/331573/responsive-images/coinone-2609___media_library_original_600_110.jpg 600w, https://cimg.co/news/125574/331573/responsive-images/coinone-2609___media_library_original_300_55.jpg 300w" width="1845" class="content-img"><figcaption>Trading volumes on the Coinone crypto exchange over the past 12 months. (Source: CoinGecko)</figcaption></figure>The court also sentenced two crypto &ldquo;brokers&rdquo; for their involvement in the case.One was given a 2 years and 6 months jail term and the other was imprisoned for 1 year and 6 months.The quartet was charged with breach of trust-related offenses.Jeon was also handed a $1.4 million fine, with Kim ordered to pay $600,000.The unnamed altcoins were listed in a bid to drive up prices, the court heard.Kim testified that he had &ldquo;no intention of conspiring&rdquo; with Jeon, and was unaware that his actions would cause price manipulation.But the judge claimed that it was &ldquo;reasonable to assume&rdquo; that Kim was &ldquo;fully aware&rdquo; that listing the coins would lead to &ldquo;market manipulation&rdquo; and &ldquo;mass coin trading.&rdquo;The judge commented:<blockquote>&ldquo;Employees who deal with coin listings are expected to show high levels of compliance and integrity.&rdquo;</blockquote><h2 id="south-korea-cracking-down-on-crypto-price-manipulation">South Korea Cracking Down on &lsquo;Crypto Price Manipulation&rsquo;</h2>Prosecutors also presented evidence showing that Kim had &ldquo;attempted to destroy evidence several times&rdquo; after &ldquo;investigations began.&rdquo;And prosecutors presented evidence showing that Jeon had accepted cryptoasset and cash payments from brokers in the period 2020-2022.They showed similar evidence that demonstrated Kim also received similar payments in a similar timeframe.In sentencing, the judge claimed that regulators needed to begin a &ldquo;thorough process of monitoring and management&rdquo; for crypto exchanges&rsquo; listing processes.Executives from the Coinone rival Bithumb have also <a href="https://cryptonews.com/news/south-korean-prosecutors-seek-arrest-warrants-for-golf-star-bithumb-exec.htm">been accused of attempting to manipulate coin prices as part of a separate investigation</a>.Earlier this month, South Korea&rsquo;s second city, Busan, <a href="https://cryptonews.com/news/south-koreans-busan-launch-digital-assets-trading-platform-this-year.htm">announced plans to launch a &ldquo;digital assets&rdquo; trading platform before the year is out</a>.While the Busan platform&rsquo;s masterminds may have originally hoped to list cryptoassets, plans have apparently been scaled back, with the platform now set to trade digitized commodities and tokenized IP rights instead.
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S Korean Crypto Exchange Exec Jailed for Coin Price Manipulation

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