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.
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…