TechFlow News, July 1, according to reports from the Daily Economy, the Korea Financial Services Commission held its 12th regular meeting on July 1 and filed lawsuits against two cases of crypto asset market manipulation. In the first case, "whale" investors utilized billions of Korean won to acquire approximately half of the global circulating supply of a certain crypto asset, first artificially inflating the price on overseas exchanges, then exploiting cross-exchange price linkage effects to arbitrage and profit on domestic exchanges, with losses borne by domestic investors.
In the second case, suspects targeting "kimchi coins" repeatedly submitted market buy and sell orders via API channels within 1 second, creating a false impression of active trading, while simultaneously placing high-price buy orders on the web platform to inflate the market, waiting for buy orders to flood in before selling off in batches to cash out. The Financial Committee warned investors to be wary of crypto assets with unexplained sharp increases in price and trading volume, and stated it will strengthen large holder position disclosure mechanisms and market warning systems.
