TechFlow News, October 17 — According to Newsis, Lee Bok-hyun, Commissioner of South Korea's Financial Supervisory Service (FSS), stated during a National Assembly Committee on Finance and Economy hearing that the FSS is investigating abnormal trading activities involving multiple cryptocurrencies, including suspicious transactions of the AVAIL token on the Bithumb exchange. He added that financial regulators are continuously enhancing systems for detecting abnormal trading and handling multiple related investigation cases to strengthen market confidence.
The AVAIL token was listed on Bithumb on July 23, 2024, at an initial price of 236 Korean won. Within 15 minutes of listing, its price surged over 1,300%, only to fall back to around 200 won within less than 24 hours, raising market suspicions of price manipulation.
Democratic Party lawmaker Min Byung-deok pointed out that the AVAIL incident revealed flaws in Bithumb’s abnormal trading monitoring system. He disclosed that Bithumb had previously stated that only transactions exceeding 5% of the total token supply would be flagged as abnormal—a threshold clearly insufficient to prevent such incidents.
Commissioner Lee pledged that the FSS will continue monitoring and investigating suspicious cryptocurrency trading activities, striving to improve market transparency and investor protection.
