Lee Hee-jin Accused of Bribing Upbit Executive for Coin Listings

A recent report by South Korean broadcaster JTBC has accused Lee Hee-jin of bribing a former executive at Upbit, one of the country's largest cryptocurrency exchanges. The allegations claim that Lee provided kickbacks in exchange for listing his digital assets on the platform.

The report states that Lee met with Mr. Jeong, a Dunamu executive who served as chief operating officer and head of the listing review committee, at a five-star hotel in Gangnam, Seoul on July 1, 2020. Shortly after this meeting, two cryptocurrencies linked to Lee, GOM2 and PICA, were listed on Upbit.

The alleged gift list reportedly shows that 10 million PICA coins were designated for Mr. Jeong and others, with a handwritten note stating the payment was 'in preparation for Upbit listing.' The payment is said to have occurred in November 2020, two months before PICA was officially listed on the platform.

The allegations have reignited concerns about transparency and ethical practices in the crypto exchange listing process. If proven, they could have significant implications for the cryptocurrency exchange sector in South Korea.