The JoongAng said on May 22 , four individuals have been linked to the listing scandal at South Korean cryptocurrency exchange Coinone .
According to prosecutors, Coinone listing leader Kim Mo and Coinone listing broker Hwang Mo were both indicted.
Coinone's former Chief Business Officer (CGO), Jeon Mo-ssi, was also investigated three times in March and April, although it is unclear if he will be prosecuted.
The CEO of Coinone has received funds to list at least 46 cryptocurrencies on their exchange. That number represents 25% of all cryptocurrencies listed on Coinone, although prosecutors said the number could increase as investigations continue.
In total, Coinone members received a total of 2.98 billion won ($2.27 million) in exchange for listing relevant cryptocurrencies.
In addition to demanding payouts from parties seeking to list their coins, Coinone incentivizes some to facilitate market manipulation.
Coinone executives are said to have encouraged listing parties to sign contracts forcing them to submit orders through market makers. The market maker then manipulated the price and artificially increased the trading volume.
Prosecutors said the market manipulation misled exchange users about the volume and price of the cryptocurrency involved.