TechFlow news, May 28 — According to South Korean media, the main suspect and accomplice in South Korea's first cryptocurrency price manipulation case prosecuted under the Virtual Asset User Protection Act have recently been granted bail by the court. The Seoul Southern District Court's criminal division ruled in favor of granting bail to primary suspect A and accomplice B.
Prosecutors allege that the suspects manipulated the price of Coin C through market orders and fake buy orders, trading approximately 1.22 million units of Coin C and making illegal profits of 7.1 billion won. The case was investigated by the Financial Supervisory Service and transferred to prosecutors in October last year, who filed emergency charges on January 3 this year.
This is the first major criminal case exposed by investigative authorities since the implementation of South Korea's Virtual Asset User Protection Act in July 2022. However, the bail decision has raised concerns within the industry about potential evidence destruction. It is reported that another accomplice, D, has fled overseas, and prosecutors have issued an arrest warrant and suspended prosecution procedures against him.
