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#**First Trial Date Set for Coinone’s Former Director Chun and Broker Gao on Embezzlement and Other Charges**

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On April 24th, it was reported that Judge Kim Jong kyi of the 7th Criminal Division of the South District Court in Seoul, South Korea, set the first trial date for former director

#**First Trial Date Set for Coinone’s Former Director Chun and Broker Gao on Embezzlement and Other Charges**

On April 24th, it was reported that Judge Kim Jong kyi of the 7th Criminal Division of the South District Court in Seoul, South Korea, set the first trial date for former director of Coinone, Chun, who was accused of embezzlement of public funds and other charges, on May 4th. Coin broker Gao, who was suspected of providing money to Chun in exchange for a listing request, will also face trial on the same day. During his tenure as the listing director of Coinone, a cryptocurrency exchange, since 2020, Quan was suspected of collecting 2 billion won in listing fees from two brokers, including Gao, for requesting the listing of cryptocurrencies. He is also suspected of listing certain currencies with knowledge that they have market manipulation (commercial interference) purposes. Gao is facing charges of misappropriating public funds and has participated in the listing of over 29 cryptocurrencies. （News1）

South Korean judge has set May 4th as the first hearing date for former director Quan of Coinone, who is suspected of embezzling public funds

The former director of Coinone, Chun, has been accused of embezzlement of public funds and other charges. On April 24th, 2021, it was reported that Judge Kim Jong kyi of the 7th Criminal Division of the South District Court in Seoul, South Korea, had set the first trial date for Chun for May 4th. Coin broker Gao, who was suspected of providing money to Chun in exchange for a listing request, will also face trial on the same day. This has shocked the cryptocurrency industry, which has already been shaken by a slew of crackdowns and regulatory hurdles.

**Outline**

I. Introduction
A. Background Information
B. Importance of this event
II. Embezzlement and Other Charges Against Chun and Gao
A. Explanation of embezzlement and other charges
B. Detailed account of Chun’s involvement
C. Detailed account of Gao’s involvement
III. Consequences for the Cryptocurrency Industry
A. Potential impact on Coinone
B. Possible impact on the cryptocurrency market
IV. Avoiding Future Scandals
A. Role of regulations
B. Role of company culture
V. Conclusion
VI. FAQs

**Embezzlement and Other Charges Against Chun and Gao**

Chun, who served as the listing director of Coinone, a cryptocurrency exchange, since 2020, is suspected of collecting 2 billion won in listing fees from two brokers, including Gao, for requesting the listing of cryptocurrencies. Chun is also suspected of listing certain currencies with knowledge that they have market manipulation (commercial interference) purposes. Gao, on the other hand, is facing charges of misappropriating public funds and participating in the listing of over 29 cryptocurrencies.

**Consequences for the Cryptocurrency Industry**

This trial could not have come at a worse time for the cryptocurrency industry. Several regulators around the world are already cracking down on digital assets, and this news could further shake investor confidence. Coinone, one of Korea’s top exchanges, has not yet released a statement on the matter. If Chun is found guilty, it could lead to a significant loss of confidence in the cryptocurrency market. It could also lead to strengthened regulations in the industry.

**Avoiding Future Scandals**

The cryptocurrency industry urgently needs to address issues of fraud, corruption, and market manipulation. To avoid such scandals in the future, companies must not only adhere to regulations but also create a strong and transparent company culture. There is still a long way to go for the industry to be considered fully legitimate and trustworthy, but these are important steps towards that goal.

**Conclusion**

The trial of Coinone’s former director Chun and broker Gao will be closely watched by both the cryptocurrency industry and the broader financial sector. This event once again highlights the need for cryptocurrencies to be regulated to prevent fraudulent activities. It is also the responsibility of cryptocurrency exchanges to create transparent and trustworthy cultures to maintain investor confidence.

**FAQs**

Q. What is Coinone?
A. Coinone is a South Korean cryptocurrency exchange that was launched in 2014. It is one of the largest cryptocurrency exchanges in Korea.
Q. What impact could the outcome of the trial have on the cryptocurrency industry?
A. The outcome of the trial could have a significant impact on the cryptocurrency market, as a guilty verdict could lead to a loss of confidence in the market.
Q. What can be done to improve the reputation of the cryptocurrency industry?
A. Regulators need to impose stricter regulations to prevent fraudulent activities. Companies must also create transparent and trustworthy cultures to maintain investor confidence.

**Keywords**

Cryptocurrency, Coinone, Chun, Gao, Embezzlement, Public Funds, Listing, Market Manipulation, Regulations.

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