Coinnest Heads Accused for Accepting Bribe

As reported, they received 1 billion won (~US$890,000) worth of cryptocurrencies to push coin for a listing 
25 September 2018   857

Prosecutors of the Southern District of Seoul accused two executives of the South Korean exchange Coinnest of taking bribes in exchange for a coin listing. This is reported by with reference to local media.

According to local media resources, executive and operational directors of Coinnest's crypto-exchange were given bribes totaling 1 billion yen (approximately $ 890,000). The main cryptocurrency, figuring in the case, was bitcoin.

The bribe was transferred by representatives of the project, wishing to "push through" the Coinnest listing so-called S-coin. The project director was also charged.

It is known that the first part of the bribe, in the amount of $ 771.2 thousand representatives of Coinnest received in the period from 5 to 6 February. Later on, 2 million S-coin coins worth $ 125,500 were transferred to their account.

According to the accusing party, the fact of receiving a bribe from Coinnest is reinforced by the lack of procedures for studying the technical features of S-coin before its inclusion in the listing.

The incident with S-coin isn't the first for Coinnest. In April 2018, the representatives of the exchange were accused of "breaking the law on special economic crimes, including fraud." The reason was the alleged sale of non-existent coins.

Earlier, according to the results of the inspection of all the South Korean currency-exchange exchanges, it was revealed that the regulators' requirements exceeded half of the existing sites. Among them was Coinnest.

Most Crypto-Optimists Live in Norway, Bitflyer Study

According to bitFlyer's poll on future of crypto, europeans believes cryptocurrency has future
24 April 2019   83

Most Europeans believe that in ten years digital currencies will continue to be in demand, but they do not have the same confidence about Bitcoin. This is reported by Cryptonews, citing a study of the bitFlyer.

10 thousand people from ten European countries took part in the online survey. Of these, 63% believe in a “bright future” cryptocurrency. However, not all Europeans are confident in the future of Bitcoin - only 55% believe that the first cryptocurrency will exist in ten years.

It is also noteworthy that, despite the fall in prices of most cryptocurrencies that lasted for almost a year, the majority of respondents positively assessed the prospects for the development of the market.

Most of the “crypto-optimists” turned out to live in Norway - 73% of the inhabitants of this Scandinavian country are convinced that a decade later, digital currencies will still be in society. This is followed by Italy (68%), the Netherlands and Poland close the top four (67% each).

The percentage of consumers who believe cryptocurrencies will still exist in 10 years’ time
The percentage of consumers who believe cryptocurrencies will still exist in 10 years’ time

But the exact form of cryptocurrency will exist, almost no one knows. Only 8% believe that they will become money, and 7% - a tool for investment or a means of preserving value.

The fact that Bitcoin is not generating as much support as other cryptocurrencies is in part a symptom of the market’s volatility, but is also a direct impact of the constant media attention that is associated to its volatility.

Andy Bryant

COO, bitFlyer Europe

He also added that the study demonstrated how much remains to be done to increase public awareness of the benefits and opportunities of cryptocurrencies.