Altcoins sold off in panic as South Korea inspected 600 tokens after implementing virtual assets law.

According to Korean media, exchanges will inspect 600 listed tokens after the virtual assets law takes effect next month. This panic may have caused the prices of many altcoins to plummet.

Ahead of the implementation of the law to protect users of virtual assets next month, many baseless rumors about the "delisting" of altcoins have caused a series of altcoins to plummet in price.

News that from next month, financial authorities will inspect 600 virtual assets in South Korea every quarter to stop trading of tokens that do not meet standards has led to a mass sell-off due to investor concerns. private.

On June 18, according to the virtual asset industry, on coin communities and social networks, a list of “tokens likely to be delisted in June” appeared, with 16 altcoins mentioned. This has caused the prices of coins listed on Upbit's Won market to decrease by 10-20%.

A representative of a won exchange in Korea said that checking listing standards is not new but has been done before, and the possibility of mass delisting is very low.

South Korea's Financial Supervisory Service (FSS) has warned that many altcoin investors invest without complete information about the coin, stressing that investors should be well aware of the risk factors before investing. private.