The South Korean Financial Commission has filed lawsuits regarding two cases of market manipulation in the cryptocurrency sector
By: rootdata|2026/07/01 07:42:07
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According to the Daily Economy, the South Korean Financial Commission held its 12th regular meeting and filed lawsuits regarding two cases of market manipulation in the cryptocurrency asset market.
In the first case, "whale" investors used tens of billions of Korean won to acquire about half of the global circulation of a certain cryptocurrency asset, artificially inflating the price on overseas exchanges, and then profiting from arbitrage on domestic exchanges by taking advantage of the price linkage effect between exchanges, with the losses borne by domestic investors.
In the second case, the suspects targeted "Kimchi Coin" by repeatedly submitting market buy and sell orders through API channels within one second, creating a false appearance of active trading, while simultaneously posting high-priced buy orders on the web to drive up the market. After buy orders surged in, they sold off in batches to cash out.
The Financial Commission warns investors to be cautious of cryptocurrencies with sudden and unjustified spikes in price and trading volume, and stated that it will strengthen the disclosure mechanism for large holders' positions and the market warning system.
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