Two former employees of Coinone get bribes for listing cryptocurrencies

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Two former employees of Coinone get bribes for listing cryptocurrencies

Two former employees at Coinone, one of the top five cryptocurrency exchanges in South Korea, were sentenced Tuesday for accepting bribes in exchange for listing certain cryptocurrencies on the platform for over two years from 2020, local news agency Newsis reported.

The surname of defendants is a common practice in South Korea, which is in effect due to privacy regulations.

In his ruling, South Korean District Court Judge Kim Jung-gi said that the crime was a collusion between multiple conspirators including crypto exchange listing staff, brokers, token issuers, and market making companies to share profits from issuing new coins and manipulating market prices, according to Newsis.

In a statement, Coinone did not immediately respond to Forkast's email request for further comments on the sentencing sent Wednesday afternoon in Asia.