Critical allegations have been made about the South Korean-based crypto exchange Coinone. Local sources stated that there were important accusations against some administrators in the indictment.
According to the news of The JoongAng, four of Coinone executives resorted to illegal ways for listing transactions on the exchange. The indictment alleges that stock market executives took bribes for altcoins. The prosecutor emphasized that from 2019 to 2022, the authorities were corrupt in listing at least 46 altcoins.
Manipulation Claim!
South Korean prosecutors required the signing of contracts with market-making companies before projects were listed. According to the indictment, managers who abused cross-trading pairs through market makers made profits by artificially increasing prices. Coinone threatened to delist altcoin projects that did not comply with the terms.
Exchange managers, on the other hand, defend themselves by stating that they made their market maker contracts to avoid liquidity problems.
Prosecutors made the following statements in the document they prepared:
“Coinone executives have made huge profits thanks to price differentials that confuse exchange users.”