The legal process is ongoing, with the next hearing scheduled for June 6.
On May 25, broker Ko Mo and former Coinone List manager Jeon Mo pleaded guilty to several counts during the first hearing before the judge.
according to local media, Ko Mo is accused of soliciting and delivering up to 6 million won in cryptocurrency and cash to Jeon Mo and Kim Mo. On the other hand, Jeon was accused of receiving payments in cryptocurrency and cash totaling 1.92 billion won ($1.51 million) for the listing. Coins such as “Furiever Coin”, which was linked to a kidnapping and murder investigation in Gangnam District, Seoul.
However, their lawyers have argued that they do not yet have full access to all evidence records, so they will provide a final opinion after reviewing it.
“Essentially, we admit the accusation, but since we didn’t have access to all of the evidence records, we will give a final opinion after reviewing it.”
Ko and Jeon’s next hearing is scheduled for June 6, and legal proceedings related to the Coinone case are expected to continue.
The defendants in the Coinone case are seeking resolution with attorneys before the June hearing
Kim Mo, the former leader of Team Coinone, and Hwang Mo, another broker, were the latest to be arrested and charged with ordering multiple South Korean-issued cryptocurrencies to be listed on Coinone and subsequently engaging in illegal exchanges on the platform.
Kim Mo was accused of receiving a total of 1.04 billion won (about $800,000) from Ko and Hwang, while Hwang was accused of ordering the coin to be listed and making payments to Jeon and Kim.
The defendants are in contact with their lawyers to reach an agreement regarding their guilt in the next hearing scheduled for June 15.
South Korea is making progress in regulatory matters to protect its citizens
At the end of last month, the National Assembly of South Korea consent The cryptocurrency regulation bill, which requires cryptocurrency service providers to keep user funds separate from company funds to prevent misappropriation of funds, is the case of FTX.
Thanks to this law, which is in its final stages of approval, individuals who commit cryptocurrency financial crimes in the Asian country could face sentences ranging from 5 years to life in prison.
On May 25, the National Assembly of South Korea also consent The Kim Namjok Prevention Act, which requires high-ranking officials to fully disclose their cryptocurrency 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 it. 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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