TechFlow News, July 19: According to South Korean media KBS, the Financial Services Commission of South Korea announced today the results of virtual asset market regulation. Since the implementation of the "Virtual Asset User Protection Act" two years ago, approximately 40 investigations into unfair virtual asset transactions have been completed, and over 30 cases have been reported or notified to judicial authorities. The focus was on cracking down on market-disrupting behaviors such as short-term manipulation and "pump and dump". In the future, market monitoring capabilities will be further strengthened to build an AI-based virtual asset regulatory system, including real-time market monitoring, second-level price manipulation analysis, and automatic identification of suspicious accounts and trading intervals, among others.
In addition, the Financial Services Commission of South Korea also investigated cases involving short-term manipulation through borrowing API keys, project issuers cooperating to manipulate prices, and large-scale "whale" manipulation using linked transactions on overseas exchanges. Some fraud cases involved project parties spreading false information through social media to attract investors to buy, as well as arbitrage manipulation using the price linkage between USDT and BTC on exchanges. The agency plans to introduce a mechanism for freezing accounts containing illegal proceeds, as well as a reporting and reward system for unfair transactions, in subsequent digital asset-related legislation.
