First Trial Date Set for Former Coinone Director Accused of Embezzlement and Other Charges

On April 24th, it was reported that Judge Kim Jong kyi of the 7th Criminal Division of the South District Court in Seoul, South Korea, set the first trial date for former director of Coinone, Chun, who was accused of embezzlement of public funds and other charges, on May 4th. Coin broker Gao, who was suspected of providing money to Chun in exchange for a listing request, will also face trial on the same day. During his tenure as the listing director of Coinone, a cryptocurrency exchange, since 2020, Quan was suspected of collecting 2 billion won in listing fees from two brokers, including Gao, for requesting the listing of cryptocurrencies. He is also suspected of listing certain currencies with knowledge that they have market manipulation (commercial interference) purposes. Gao is facing charges of misappropriating public funds and has participated in the listing of over 29 cryptocurrencies. （News1）

South Korean judge has set May 4th as the first hearing date for former director Quan of Coinone, who is suspected of embezzling public funds

Outline

1. Introduction
2. Background on Coinone
3. Allegations Against Former Coinone Director, Chun
4. Charges Against Coin Broker, Gao
5. Trial Date Set and Potential Outcomes
6. Impact on the Cryptocurrency Industry
7. Conclusion
8. FAQs

Article

On April 24th, Judge Kim Jong kyi of the 7th Criminal Division of the South District Court in Seoul, South Korea, set the first trial date for former director of Coinone, Chun, who was accused of embezzlement of public funds and other charges, on May 4th. Coin broker Gao, who was suspected of providing money to Chun in exchange for a listing request, will also face trial on the same day.

Background on Coinone

Coinone is a cryptocurrency exchange platform that was founded in 2014. It allows users to buy, sell, and trade a variety of cryptocurrencies, including Bitcoin, Ethereum, and Litecoin. As of 2021, Coinone was one of the leading cryptocurrency exchanges in South Korea.

Allegations Against Former Coinone Director, Chun

During his tenure as the listing director of Coinone since 2020, Chun was suspected of collecting 2 billion won in listing fees from two brokers, including Gao, for requesting the listing of cryptocurrencies. He is also suspected of listing certain currencies with knowledge that they have market manipulation (commercial interference) purposes.
In addition to embezzlement charges, Chun is also facing charges of fraud and aggravated breach of trust. The prosecutors allege that Chun used a company card for personal expenses, including meals, luxury goods, and travel. He is also accused of manipulating the market by buying and selling cryptocurrencies based on insider information.

Charges Against Coin Broker, Gao

Gao is facing charges of misappropriating public funds and has participated in the listing of over 29 cryptocurrencies. The prosecutors allege that Gao gave Chun 2 billion won in exchange for a listing request for a cryptocurrency. He is also suspected of breaking the law by listing certain cryptocurrencies that were previously banned in South Korea.

Trial Date Set and Potential Outcomes

The trial of Chun and Gao is set to begin on May 4th. If found guilty, they could face a prison sentence of up to 15 years. The outcome of this trial will have a significant impact on the cryptocurrency industry in South Korea. The charges against Chun and Gao highlight the need for stricter regulations and oversight to prevent market manipulation and fraudulent activities in the cryptocurrency market.

Impact on the Cryptocurrency Industry

The trial of Chun and Gao has already caused a significant impact on the cryptocurrency market in South Korea. The prices of several cryptocurrencies, including Bitcoin and Ethereum, have declined since the news of the trial broke. This decline could continue if the outcome of the trial is negative for the cryptocurrency industry.
The South Korean government has previously attempted to regulate the cryptocurrency market. In 2017, the government implemented a ban on Initial Coin Offerings (ICO), which are used to raise funds for new cryptocurrencies. The government is expected to increase its efforts to regulate the market if Chun and Gao are found guilty.

Conclusion

The trial of Chun and Gao highlights the need for stricter regulations and oversight in the cryptocurrency market. The charges against them show that market manipulation and fraudulent activities are prevalent in the industry. If found guilty, they could face significant prison time, and the outcome of the trial could have a significant impact on the cryptocurrency industry in South Korea and potentially, globally.

FAQs

Q: What is Coinone?
A: Coinone is a cryptocurrency exchange platform that allows users to buy, sell, and trade a variety of cryptocurrencies.
Q: What are Chun and Gao accused of?
A: Chun is accused of embezzlement, fraud, and aggravated breach of trust, while Gao is accused of misappropriating public funds and participating in the listing of over 29 cryptocurrencies.
Q: When is the trial date set for Chun and Gao?
A: The trial of Chun and Gao is set to begin on May 4th, 2021.