Coinnest directors face bribery charges

Posted 25 September, 2018

The public prosecution office in the Southern District of Seoul has charged two executives at Coinnest exchange with a bribe for coin listing.

The local media reported that two executives, in particular, CEO and COO of South Korea's Coinnest platforms are said to receive JPY 1 million ($890,000) bribe. According to the available data, the money came from the project that strived to get a place in listing for so-called S-coin. Besides, the director of this project was also charged.

The prosecution office stated that the project got unfair light-listing process as the platform did not study S-coin project documentation before its listing, which raised a red flag.

The bribe was received in two parts. The first one ($771,200) was reportedly passed on February 5-6, with further transfer of the remaining amount in terms of 2 million S-coins for $125,500.

Notably, this exchange already faced charges with economic crimes and violation of the rules. Last time, the charges reportedly covered a sale of non-existent coins.

However, it is worth mentioning that Coinnest was among the trading platforms that managed to develop and launch short-term security measures, as the corresponding authorities stated last month.

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