PANews reported on November 1 that according to the Herald Economic Daily, South Korea's Financial Services Commission and the Financial Supervisory Service and other regulatory agencies announced that they have completed an investigation into a cryptocurrency price manipulation case. According to the new Virtual Asset User Protection Act implemented in July, this is the first case to transfer the results of the investigation to prosecutors.
The suspects are suspected of manipulating the price of tokens by placing large and deceptive buy orders on domestic exchanges. The intention was to artificially raise the price of tokens obtained from overseas issuers so that they could be sold for profit. Specific details about the exchanges and cryptocurrencies involved have not been disclosed. The case has now been transferred to the prosecutor's office under emergency procedures.
