Controversy Surrounds Furyver and Coinone

Furyver is the only cryptocurrency exchange in Korea that is traded on Coinone. There has been a lot of noise surrounding the company.

Coinone, however, has virtually  ignored it. When the price of Furyver plummeted last year, there were no warnings such as ‘investment caution’. But it rather held a ‘net buying event’ in January last year. It was the period when the price plummeted. This indeed attracted investors. During this period, the trading fees of Purever went straight into Coinone’s pockets.

Another problem is that the process of listing coins on Coinone was unclear. A former Coinone employee is being investigated. This is because of allegedly listing a number of coins, including Purever, in exchange of kickbacks. From the suspicious listing to the aftermath, Coinone is under investigation.

In order to enhance the image of the industry, they should have optimized their trading support services. Failure to properly provide projects to investors and take action against problematic products in time was problematic. They sacrfice these matters in exchange of their interest. It definitely led to a loss of trust from investors and a decrease in competitiveness of the exchange itself. The cryptocurrency industry is still tested by the existing infrastructure because of its problems in terms of exchange. This is one of the core feature of this industry.

The timing of this incident is also noticeable. When the National Assembly has recently resumed discussions on enacting a virtual asset law, this problem has come up. The lack of measures for this industry could be deemed as an interest-related arguement rather than a measure to protect investors.

The lesson for Coinone and other crypto exchanges remains. When the exchange infrastructure pursue profits, transparency about their listing criteria, processes, and protection for their investors could not exist. The responsibility to restore lost trust, improve own competitiveness is demanded from now on. Without having resposibility, exchange could not claim on their inconvenience from lack of measures and regulations. The administration based on Coinone interest except proctetion for investors could not provide any trust to South Korea cryptocurrency industry.

Read more: Be Aware Of Phishing Attempts Using Nfts In South Korea