Defendants in South Korea’s Coinone case plead guilty to charges

On May 25th, broker Ko Mo and former Coinone listing director Jeon Mo pleaded guilty to several charges during their first hearing before the judge.

According to local media, Ko Mo was accused of soliciting and delivering up to 6 million won in cryptocurrencies and cash to Jeon Mo and Kim Mo. Jeon, on the other hand, was accused of receiving payments in cryptocurrencies and cash totaling 1.92 billion won ($1.51 million) for listing coins such as “Furiever Coin”, which was linked to a kidnapping and murder investigation in Gangnam district, Seoul.

However, their lawyers argued that they have not yet had complete access to all the evidence records, so they will provide a final opinion after reviewing them.

“Basically, we acknowledge the accusation, but since we haven’t been able to access all the evidence records, we will provide a final opinion after reviewing them.”

The next hearing for Ko and Jeon is scheduled for June 6th, and it is expected that the legal process related to the Coinone case will continue.

Defendants in Coinone Case Seek Resolution with Lawyers Ahead of June Hearing

Kim Mo, the former leader of the Coinone team, and Hwang Mo, another broker, were the latest to be arrested and accused of requesting the listing of various cryptocurrencies issued in South Korea on Coinone and subsequently engaging in illegal exchanges on the platform.

Kim Mo is accused of receiving a total of 1.04 billion won (around $800.000) from Ko and Hwang, while Hwang is accused of requesting the listing of the coin and making payments to Jeon and Kim.

The defendants are in communication with their lawyers to reach an agreement regarding their guilt in the upcoming hearing scheduled for June 15th.

South Korea Advances in Regulatory Matters to Protect Its Citizens

At the end of last month, the National Assembly of South Korea approved a cryptocurrency regulation bill, which requires cryptocurrency service providers to keep user funds separate from corporate funds to prevent misappropriation of funds, such as the FTX case.

Thanks to this bill, which is in its final stages of approval, individuals who commit financial crimes with cryptocurrencies in the Asian country may face sentences ranging from 5 years to life imprisonment.

On May 25th, the National Assembly of South Korea also approved the “Kim Nam Guk Prevention Law”, which requires high-ranking officials to fully disclose their cryptocurrencies to promote integrity and transparency within the government.

As reported by Coinspeaker, the South Korean government plans to launch a cryptocurrency tracking system in the middle of the year to prevent all kinds of scams and crimes related to them. They even announced that they are preparing to build a criminal justice system that complies with international laws to prosecute cybercriminals.

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