Upbit exec allegedly took 10M PICA as kickback for listing, report says

South Korean broadcaster JTBC has exclusively reported on a list of alleged kickbacks maintained by Lee Hee-jin, a figure known as the "Cheongdam-dong stock millionaire" with a history of stock fraud. The list reportedly details payments made to a top executive at the Dunamu-operated crypto exchange Upbit to secure the listing of certain cryptocurrencies. According to the report, Lee met with a Dunamu executive, identified only by his surname Jeong, who was the company's Chief Operating Officer (COO) and head of the listing review committee, in a suite at a five-star hotel in Gangnam, Seoul, on July 1, 2020. Following this meeting, two coins associated with Lee, GOM2 and PICA, were listed on the South Korean exchange. JTBC stated it confirmed a document, believed to be written by Lee, outlining the distribution of PICA. The document allegedly shows that 10 million PICA were given to individuals including Director Jeong, with a note stating it was "in preparation for the Upbit listing." This payment was reportedly made in November 2020, two months before PICA's official listing. The report also cited a separate list from a group chat among the coin's operators, which included Lee's brother. This list mentioned an "unofficial payment of 10 million coins to the Upbit president" and referenced a lobbyist, stating, "Paid 10 million. Asked them to take good care of things with Upbit, they are close." After the listing, the price of PICA surged to over 700 won, making the 10 million tokens worth approximately 7 billion won. In response to the allegations, a key official at Dunamu told JTBC that Director Jeong had no reason to accept a bribe, noting that his annual salary at the time was 4.4 billion won.