In the wake of the recent '46,000-fold surge' incident involving the MOVEMENT coin, the Financial Supervisory Commission (FSC) has taken swift action to address the situation. On the 12th, the Virtual Asset Investigation Bureau of the FSC summoned domestic won exchanges Coinone, Korbit, and GOPAX to discuss measures to prevent similar incidents from occurring in the future. Upbit and Bithumb were not called to this meeting. The Investigation Bureau urged exchanges to pay attention to and self-monitor the sharp rise and fall in the price of recently listed coins. Coinone, where the MOVEMENT coin's sharp rise and fall occurred, was singled out and asked to be particularly careful. Coinone was also asked to submit materials to determine whether there was unfair trading and the circumstances related to the sharp rise and fall in the price of the coin. The FSC also requested Coinone to submit a recurrence prevention plan, which is currently being reviewed. The FSC's prompt response to this incident demonstrates its commitment to protecting investors and ensuring the integrity of the virtual asset market. Exchanges are now on notice that they must take proactive measures to prevent similar incidents from happening again.
