Employees of South Korean cryptocurrency exchange Coinone have been arrested in connection with exchanging money in return for listing certain crypto assets, CoinDesk Korea reported on Tuesday.

"There is concern about escaping," said Seoul Southern District Court Chief Judge Kim Ji-Sook, who issued a warrant for the arrests on Monday.

Coinone's listing team leader Kim Mo has been accused of violating the Concealment of Criminal Proceeds Act and a breach of trust. Listing broker Hwang Mo was also charged with breach of trust.

According to the report, Hwang paid as much as 2 billion won ($1.51 million) to Kim and Coinone's former director of listing "Mr Jeon" in return for listing certain virtual assets.

Among these cryptocurrencies was "Furiever Coin," a crypto that was listed exclusively on Coinone and that has been linked to a recent kidnapping and murder investigation in the Gangnam district in Seoul. Police suspect that a 48-year old woman may have been abducted and murdered as revenge for a failed investment.

South Korea Crime Coinone Crypto Exchange

Jamie Crawley

Jamie joined CoinDesk as a news reporter in February 2021 after writing widely about crypto and blockchain for two years in other roles. Away from crypto, Jamie runs a lot and loves all things sport. He holds small amounts of BTC, ETH, ADA and LTC.