Coinnest CEO Kim Ik-hwan, who is on trial for embezzling customer money, has been indicted additionally for listing S Coin, whose technology is weak.
The financial investigation department of the Seoul Southern District Public Prosecutors' Office said on Sept. 18 that it indicted CEO Kim and the company's executive Cho on charges of receiving bribe.
The prosecution also indicted another Kim, the CEO of S Coin, on charges of giving bribery, asking the two Coinnest executives to help with the virtual currency listing process.
Coinnest CEO Kim and Cho received 1 billion won worth of Bitcoin and S Coin in early February this year in return for offering their convenience in listing the S Coin. CEO Kim and Cho received a total of 110 Bitcoins worth 860 million won in the Kim family account from S Coin CEO Kim twice on Feb. 5 and 6. On Feb. 12 and 14, they also received a total of 2 million S Coins worth 70 million won each.
Coinnest CEO Kim and Cho were indicted on April 23 on charges of violating the law on specific economic crimes, including fraud, along with the company executive Hong. At that time, Kim and his party were suspected of having embezzled money by selling fake coins as if they existed.