South Korea's Financial Commission files lawsuits in two cases of crypto asset market manipulation

According to the "Daily Economic" report, the South Korean Financial Commission held its 12th regular meeting and filed lawsuits against two cases of market manipulation in crypto assets. In the first case,"whale" investors used tens of billions of won to acquire about half of the global circulation of a certain crypto asset. They first artificially raised the price on overseas exchanges, and then used the cross-exchange price linkage effect to arbitrate on domestic exchanges. Benefit, the losses will be borne by domestic investors. In the second case, the suspect repeatedly submitted market price buying and selling orders within one second for "Kimchi Coin" through API channels, creating the illusion of false active trading. At the same time, he posted a high price on the website to boost the market, and waited for the influx of buying orders to ship in batches. Cash in batches. The Financial Committee reminded investors to be wary of crypto assets whose prices and trading volumes have risen sharply for no reason, and said it will strengthen the disclosure mechanism and market early warning system for large accounts.