Four individuals associated with Coinone, a prominent South Korean cryptocurrency exchange, have been indicted for engaging in illicit activities to profit from coin listings.

The employees are said to have unlawfully gained over $2.26 million during the period spanning November 2019 to December 2022. The incident involved nearly 25% of all tokens listed on Coinone, with at least 46 coins being implicated.

The accused individuals have been charged with breach of trust and obstruction of business in relation to their alleged market manipulation activities.

Prosecutors have stated that the price manipulation carried out by the accused individuals has led to misconceptions about trading volume and market prices among general exchange members.