Coinone CEO Probe Heats Up as Prosecutors Raid HQ Over $19.6M Loan
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- Prosecutors raided Coinone over allegations CEO Lee loaned $19.6M without collateral.
- Coinone won an appeal forcing traders to return BTC withdrawn twice during a 2018 glitch.
- The exchange has faced past misconduct, including staff taking $1.46M to list tokens.
South Korean prosecutors carried out a search of cryptocurrency exchange Coinone’s offices on September 30 following allegations that its chief executive misused company funds. The Seoul Southern District Prosecutors’ Office confirmed that investigators entered the exchange’s headquarters and the residence of CEO Lee Seong-hyun in Yeongdeungpo-gu, Seoul.
The case stems from a complaint filed by the Financial Supervisory Service (FSS), which accused Lee of authorizing a loan of 27 billion won ($19.6 million) from Coinone to its parent company without securing collateral.
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$ 63.86K
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