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South Korea's FSC refers four crypto market manipulation cases to prosecutors

  • —A token issuer hired market makers to generate over 90% of its trading volume
  • —The fake volume was used to maintain listings and apply to major exchanges
  • —Two brothers used API bots to create an order-book 'flicker effect' and profit from price gaps
  • —About 30 cases have been referred in two years, with average illicit gains of 1.4 billion won
Why it matters: The case shows South Korea's regulator is actively enforcing its Virtual Asset User Protection Act against fake volume and wash trading.
Source: 動區 BlockTempo
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