The Financial Services Commission of South Korea (FSC) referred to justice two individuals accused of manipulating the cryptocurrency market, according to an announcement made by the regulator during its 12th ordinary meeting.
The first case involves a crypto whale who allegedly used tens of billions of Korean won over approximately two months to manipulate the price of a token listed on both local and international exchanges. According to the FSC, the suspect accumulated nearly half of the token’s circulating supply in order to gain control over its price, then inflated its valuation on foreign platforms to induce domestic investors to buy, and finally sold their positions, generating considerable losses for retail investors.
The second case describes an individual who allegedly used API channels to repeatedly place low-volume buy and sell orders, simulating organic activity, while simultaneously sending high-priced limit buy orders via web to push the price upward. Once other buyers were drawn in, the suspect allegedly liquidated their positions gradually.
The Korean FSC warned investors to avoid chasing assets whose price or trading volume rises abruptly without reasonable cause. The regulator also announced improvements to its alert system to detect unusual concentrations of trading activity and strengthen its investigative capacity against unfair market practices.
Source: https://www.fsc.go.kr/no010101/87235?srchCtgry=&curPage=&srchKey=&srchText=&srchBeginDt=&srchEndDt=
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