PANews, November 1st - According to the (Pioneer Economic Report), South Korean regulatory agencies such as the Financial Services Commission and the Financial Supervisory Service have announced the completion of an investigation into a cryptocurrency price manipulation case. This is the first case to be referred to the prosecutor under the new (Virtual Asset User Protection Act) that was implemented starting in July.
The suspect is alleged to have manipulated token prices on domestic exchanges in the country by placing large and deceptive buy orders. The intention was to artificially inflate the price of tokens obtained from overseas issuers in order to sell for profit. Specific details regarding the involved exchanges and cryptocurrencies have not yet been disclosed. The case has now been transferred to the prosecutor's office for processing under emergency procedures.
