The 7th Criminal Division of the Southern District Court in Seoul, South Korea, set the first court date for former Coinone director Jeon, accused of embezzlement of public funds and other charges, on May 4. Gao will also stand trial on the same day.

Jeon was suspected of charging 2 billion won in listing fees from two brokers, including Gao, for listing the currency when he was the listing director of the cryptocurrency exchange Coinone from 2020. He also allegedly listed certain coins knowingly that they had market manipulation (commercial interference) purposes. Gao, who faces charges of embezzlement, was involved in the listing of more than 29 cryptocurrencies.