ChainCatcher reported that according to Newsis, Lee Bok-hyun, director of the Financial Supervisory Service of South Korea, said at the National Affairs Committee of the National Assembly that he was investigating abnormal transactions of various cryptocurrencies, including suspicious transactions of AVAIL tokens on the Bithumb exchange. He also said that the financial regulatory authorities are continuously improving the abnormal transaction detection system and handling a number of related investigation cases to enhance market confidence.

It is reported that the AVAIL token was listed on Bithumb on July 23, 2024, with an initial price of 236 won. Within 15 minutes of listing, its price soared by more than 1,300%, but fell back to around 200 won in less than 24 hours, raising questions about price manipulation in the market.

Min Bingde, a member of the Democratic Party, pointed out that the AVAIL token incident exposed the flaws in Bithumb's abnormal transaction monitoring system. He revealed that Bithumb had stated that only transactions accounting for more than 5% of the total issuance would be considered abnormal transactions, and this standard obviously failed to effectively prevent such incidents from happening.

President Lee Bok-hyun promised that the Financial Supervisory Service will continue to pay attention to and investigate various suspicious cryptocurrency trading activities and strive to improve market transparency and investor protection.

Earlier news, Korean lawmakers requested to obtain abnormal transaction data of AVAIL on Bithumb and were investigating potential price manipulation.