CEO Sentenced to 18-Month Jail Term for Accepting Bitcoin Bribes to List a Cryptocurrency | News Bitcoin News

Bitcoin.com

A South Korean court has sentenced the former CEO of the defunct crypto exchange Coinnest to 18 months in prison. The court also fined him over $61,000, who also was charged for fraud in 2020.

Prosecutors Accused Coinnest Executives of Receiving 110 BTC in Bribes

According to Fn News, the Supreme Court of Korea determined that Kim Ik-hwan should spend time in jail, as the authorities previously indicted him in 2018 for accepting bitcoin (BTC) bribes.

How To Get Free Crypto  

The investigation unveiled that he and other executives received almost $771,270 worth of BTC (at the time) for arranging the listing of an unnamed altcoin — referred to by the court as “S” coin.

However, the former Coinnest CEO and its former operating director, Jo Mo, claimed there was “no unfair solicitation.” The prosecutors commented in the first trial:

The defendants acknowledged or promoted the situation that they were taking unreasonable gains by manipulating the market price on the exchange after listing the cryptocurrency. (…) This crime greatly undermined fairness and trust in cryptocurrency transactions. This is bad.

Although the Supreme Court, chaired by judge Noh Jeong-hee, didn’t reveal details on the “S” coin, prosecutors said the altcoin was issued by K Group.

The prosecution also accused Coinnest’s executives of receiving 110 BTC in bribes for the purpose. Jo Mo’s sentence is still pending confirmation by the Supreme Court.

Coinbase Banner  

Former Coinnest’s CEO Court History

The former CEO of the now-defunct crypto exchange has additional sentences on his CV. Alongside two unnamed executives, Kim was found guilty in February 2020 of fraud and embezzlement.

A South Korean court gave him a three-year prison sentence, but it was suspended for four years. Moreover, the appeals court sentenced Kim to pay a $2.5 million won fine, and also to serve 100 hours of community service.

The judge ruled that Kim and the other executives misappropriated “billions” of won, transferring client funds to employee accounts. At that time, the executives denied any wrongdoings.

Coinnest closed its crypto exchange operations in April 2019.

What do you think about this sentence? Let us know in the comments section below.

Tags in this story

Image Credits: Shutterstock, Pixabay, Wiki Commons

Go to Source
Author: Felipe Erazo


Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

FreeBitcoin Banner  

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.