the South Korean Financial Services Commission stated at a regular meeting on the 3rd that it has transferred relevant individuals suspected of manipulating the virtual asset market and engaging in unfair trading practices to the prosecution, and decided to impose fines on the suspects of unfair trading.

According to the financial authorities, a "large whale" investor used hundreds of billions of Korean won to boost the prices of multiple currencies, illegally profiting tens of billions of Korean won, and is suspected of market manipulation, so he was transferred to the prosecution. The suspect first concentrated on submitting manipulative buy orders, and immediately sold all the chips he held after the funds flowed in to form a buying order, even transferring tokens purchased on overseas virtual asset exchanges for sale domestically.

In addition, cases of unfair trading that profit from the false dissemination of positive information on social media have also been transferred to the prosecution. This is the first time that the financial authorities have investigated and dealt with unfair trading cases involving virtual assets through social media.

For cases of intelligent unfair trading that utilize inter-exchange market price linkage, fines are imposed by the authorities. This is the first time that fines have been imposed since the implementation of the "Virtual Asset User Protection Act."