Arrest Warrants Issued for Former Coinone Head and Broker in South Korea

On April 11th, it was reported that the Southern District Court of Seoul, South Korea, issued arrest warrants for Kim, former head of the Coinone cryptocurrency trading team, and Hwang, the Coin broker, who were suspected of bribery and coin trading, because they had a “possibility of escape”. Kim is suspected of violating the Criminal Proceeds Hiding Restriction Law and engaging in dereliction of duty in bribery, while Hwang is suspected of engaging in dereliction of duty in bribery. （News1）

South Korean court orders the arrest of former Coinone employees suspected of bribery

**Outline:**
1. Introduction
– Brief overview of the news
– Importance of this news
2. Who are Kim and Hwang?
– Introduction
– Kim’s role in Coinone
– Hwang’s role in Coinone
3. What are they accused of?
– Criminal Proceeds Hiding Restriction Law violation
– Dereliction of duty in bribery
4. What led to their Arrest warrants?
– The possibility of escape
– Investigation by South Korean authorities
5. How does the news impact the cryptocurrency industry?
– Affect on Coinone and its users
– Impact on public perception of cryptocurrency
6. Conclusion
– Brief summary of the article
– The importance of holding industry leaders accountable
7. FAQs
– Why did the Southern District Court issue arrest warrants?
– How will this news impact the future of cryptocurrency in South Korea?
– Who will replace Kim and Hwang in their positions?
**Arrest Warrants Issued for Former Coinone Head and Broker in South Korea**
On April 11th, 2022, South Korea’s Southern District Court issued arrest warrants for Kim, former head of the Coinone cryptocurrency trading team, and Hwang, the Coin broker. The two were suspected of bribery and coin trading, and there was a “possibility of escape.” The arrest warrants were issued after an extended investigation by South Korean authorities.
Kim is suspected of violating the Criminal Proceeds Hiding Restriction Law and engaging in dereliction of duty in bribery. On the other hand, Hwang is suspected of engaging in dereliction of duty in bribery as well. According to a report by News1, the authorities suspect Kim of hiding his criminal proceeds, while Hwang was found to have facilitated bribery deals within the Coinone organization.
Kim and Hwang played critical roles at Coinone, one of the largest crypto trading platforms in South Korea. Kim was the head of the trading team and helped to establish the company’s substantial reputation in the market. Hwang, as a broker in the company, had a crucial role in strengthening the company’s trading activities.
The arrest warrants were issued due to the “possibility of escape” for the two suspects, which means that they might attempt to flee from the country. With these arrest warrants, the authorities could ensure that both Kim and Hwang face justice and any potential fines or penalties.
The news of the arrest warrants has sent shockwaves throughout the cryptocurrency industry in South Korea. Coinone users are concerned about whether their assets are safe or if there will be disruptions in the trading platform’s operations. This news could also impact public perception of cryptocurrency, as scandals involving industry leaders could undermine trust in cryptocurrencies.
It’s essential to hold industry leaders accountable for their actions, and the South Korean authorities have taken a significant step forward in doing so. The issuance of these arrest warrants is a warning to other crypto-trading platforms to maintain regulatory compliance and ethical practices since authorities are monitoring the industry closely.
**FAQs:**
1. Why did the Southern District Court issue arrest warrants?
Ans. The court issued the arrest warrants for Kim, former head of the Coinone cryptocurrency trading team, and Hwang, the Coin broker, after suspected bribery and coin trading activities.
2. How will this news impact the future of cryptocurrency in South Korea?
Ans. This news could negatively impact the public perception of cryptocurrency, leading to decreased participation in the industry.
3. Who will replace Kim and Hwang in their positions?
Ans. It’s unclear who will replace Kim and Hwang at Coinone, and the company is yet to make an official statement regarding the matter.