Two former employees of South Korea's Coinone get bribes

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Two former employees of South Korea's Coinone get bribes

Two former employees of Coinone, one of South Korea's top five cryptocurrency exchanges, 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.

In South Korea, it is common practice for authorities to release only the surname of defendants due to privacy regulations.

In his ruling, the Korean District Court Judge Kim Jung-gi said that the crime was a conspiracy 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.

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