South Korea’s Financial Supervisory Service has opened an extensive investigation into cryptocurrency exchange Coinone over the sudden and unprecedented surge in the price of the MOVE (Movement) coin, raising concerns about potential trading manipulation. Click here for advertising services or press releases for the crypto project
According to a report by the Korean news agency MTN, the Financial Supervisory Service, which is responsible for supervising and regulating financial institutions, is looking into whether there were any unfair transactions on the CoinOne platform when the price of the MOVE coin jumped 46,000 times before quickly falling.
On December 9, the Movement Network Foundation announced the launch event of MOVE, a token built on the MOVE blockchain and written in the MOVE programming language, which was initially developed by Diem (formerly known as Libra), a subsidiary of Facebook’s blockchain division.
On the same day, the price of MOVE token rose from 215.3 won (about $0.15) to 998,500 won ($697) within minutes on CoinOne, before falling to 5,300 won shortly thereafter, according to MTN.
The Financial Supervisory Authority is now investigating whether the platform followed the correct procedures during this event and whether there were any unusual transactions.
The agency is also reviewing how CoinOne listed MOVE earlier than other Korean exchanges like Upbit and Bithumb, raising questions about how the listing process was handled.