TechFlow reported, according to Digitalasset, that prosecutors in Seoul, South Korea, today arrested two suspects aged in their 30s and 20s, marking what appears to be the first violation case under South Korea's newly implemented Virtual Asset User Protection Act.
The suspects are accused of manipulating the price of Fusionist (ACE), a cryptocurrency listed exclusively on the domestic exchange Bithumb. Investigations revealed that they manipulated ACE's trading volume through market buy and sell orders as well as fake bids, creating a false impression of market activity and illegally profiting approximately 7 billion South Korean won (about USD 4.76 million).
Add to Favorites
Share to Social Media
