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South Korean Broker Arrested for Offering Bribe to List Tokens on Coinone

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South Korean Broker Arrested for Offering Bribe to List Tokens on Coinone

On March 14, it was reported that the Financial Investigation Department of the Southern District Procuratorate of Seoul, South Korea, had arrested and prosecuted a broker surnamed Gao, who was accused of offering hundreds of millions of won of bribes when requesting Coinone to list tokens. The prosecution found that during the listing process of various virtual assets, including Pica tokens, a large amount of listing fees flowed into Coinone through him, and the prosecution is conducting further investigation. (Yonhap)

South Korean prosecutors accused a broker surnamed Gao of bribery in the listing of Coinone

Analysis based on this information:


On March 14, the Financial Investigation Department of the Southern District Procuratorate of Seoul, South Korea, arrested and prosecuted a broker surnamed Gao for offering hundreds of millions of won in bribes when requesting Coinone to list tokens. This news brings to light the negative implications of corruption in the cryptocurrency market, and the potential risks that brokers and exchanges face when engaging in fraudulent activities.

The prosecution discovered that during the listing process of various virtual assets, including Pica tokens, a large amount of listing fees flowed into Coinone through Gao, who acted as the middleman in the bribery scheme. This illegal activity highlights the importance of transparency and honesty in the cryptocurrency market, as even reputable exchanges can become embroiled in fraudulent practices when dealing with unscrupulous brokers.

The investigation is ongoing, and the South Korean authorities are expected to carry out further checks across the cryptocurrency industry in the country. This action by the authorities aims to prevent other exchanges from falling victim to similar fraudulent activities in the future.

The incident also highlights the need for comprehensive regulatory frameworks in the cryptocurrency market. The lack of clear regulatory guidelines and oversight creates an environment that can be exploited by those looking to engage in fraudulent activities, as evidenced in Gao’s case. The South Korean government has been at the forefront of efforts to create a robust regulatory framework for the cryptocurrency market in recent years, and this arrest underscores the importance of continued regulatory efforts.

In conclusion, the arrest of Gao for offering bribes to Coinone to list tokens brings to the fore the risks involved in engaging in fraudulent activities in the cryptocurrency market. It highlights the urgent need for increased transparency, honesty, and regulatory oversight in the industry. The South Korean authorities’ ongoing investigation serves as a reminder that the cryptocurrency market must be kept clean and free from fraudulent activities to thrive and realize its full potential.

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