The FSC of South Korea refers two cryptocurrency manipulation cases to the government.

The Financial Services Commission of South Korea (FSC) has referred two major cases of manipulation in the crypto market to the investigation agency. In the first case, the suspects bought large amounts of cryptocurrency and then placed high orders to drive the price up, subsequently selling at the inflated price, reaping tens of billions of won.

The second case involves the use of the automated trading program (API) to simulate active trading by continuously buying and selling, and adding manual buy orders at high prices. The FSC stated that they took advantage of the flashing red effect on the trading screen to create the illusion of real trading. This agency warned investors about unusual volatility and will impose penalties under the Virtual Asset User Protection Law. Over the past six years, the FSC has blocked approximately 61.4 million USD of suspicious crypto assets.