Coinnest CEO sentenced to 18-month jailtime after receiving 110 Bitcoins in bribes

Category: Blockchain

Jo Mo and other executives from the same company received almost $771,270 worth of BTC for arranging a listing of an unnamed altcoin

bcaAccording to FN news, investigation carried out by the court in South Korea disclosed that Kim Ik-hwan and other executives from the company Coinnest, received almost $771,270 worth of BTC for arranging the listing of an unnamed altcoin. This altcoin was referred to by the court as “S” coin.

Former Coinnest CEO and former operating director, Jo Mo, insisted that there was “no unfair solicitation.”

In the first trial, prosecutors commented:

“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 didn’t reveal any details on the “S” coin, it was exposed that the altcoin had been issued by K Group. Coinnest’s executives were also accused by the prosecution of receiving 110 BTC in bribes for the purpose.

Jo Mo’s sentence is still pending confirmation by the Supreme Court.

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