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South Korea Targets Crypto Price Manipulation in First Action Under New Act
South Korea Targets Crypto Price Manipulation in First Action Under New Act
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South Korean financial authorities, including the Financial Services Commission (FSC) and Financial Supervisory Service (FSS), have reported a suspect of price manipulation in the virtual asset market to the prosecution. This case is the first to be processed under the newly enforced Virtual Asset Act, which became effective on July 19, 2024. The investigation followed a structured process: abnormal transactions were reported by virtual asset exchanges, investigated by financial authorities, deliberated by the Virtual Asset Market Investigation Deliberation Committee, and resolved by the FSC. The suspect employed a classic short-term price manipulation tactic involving three steps.
