On the 25th of this month, Ko Mo (a broker) and Jeon Mo (the former listing director at Coinone) submitted guilty pleas to many allegations. Both the above-mentioned persons are defendants in the lawsuit of the crypto exchange Coinone. Reports from the local media pointed out that the allegations levied against Ko Mo are of soliciting as well as delivering nearly 6M won in cash and crypto assets to Kim Mo and Jeon Mo.

Defendants in Coinone Case Submit Guilty Pleas in South Korea

On the other hand, Jeon allegedly received payments in crypto cash as well as crypto assets cumulating 1.92B won (approximately $1.51M). This was done for listing tokens like “Furiever Coin”. These things were associated with the investigation of kidnapping as well as murder in Seoul’s Gangnam district. Nonetheless, the lawyers of the defendants claimed that they did not have comprehensive access to the entire evidence records.

Keeping that in view, they mentioned that their conclusive opinion will be offered after they review the respective records thoroughly. As per the lawyers, they acknowledge the allegation, nevertheless, due to their inaccessibility to the records of the evidence, they were not in a position to make any statement. The upcoming hearing in Jeon and Ko’s lawsuit is planned for the 6th of this month.

According to the expectations, the legal procedure dealing with the crypto exchange is going to keep on moving forward. Kim Mo (the Coinone team’s former leader) and another broker Hwang Mo were the latest persons who were arrested. Some allegations were raised against them related to the listing of diverse crypto assets issued on Coinone in South Korean jurisdiction.

They were also accused of subsequently involving in illegitimate exchanges performed on the platform. The accusations against Kim Mo are related to getting a cumulative 1.04B won (nearly $800.000) from Hwang and Ko. On the other hand, Hwang allegedly requested the listing on the token as well as paying Kim and Jeon. The defendants were consistently communicating with the lawyers thereof.

South Korea Moves Further in Regulatory Endeavors

They are discussing their guilt concerning the next hearing that is planned for the 15th of the next month. At the previous month’s denouement, South Korea’s National Assembly authorized a crypto regulation bill. The legislation requires crypto service-providing companies to distinguish consumer funds and corporate funds.

This would potentially prevent embezzlement of funds like in the case of FTX. Because of this legislation, which is going through its last phases of authorization, people who engage in crypto-related crimes in the jurisdiction may experience sentences ranging between five-year imprisonment and life imprisonment.

As reported earlier, the authorities in South Korea have a strategy to release a crypto tracking system to handle crimes and scams in this respect.