According to news reports, prosecutors in Seoul, South Korea, have arrested two suspects for manipulating the price of cryptocurrency Fusionist (ACE). The two suspects, a young man in his 30s and a young man in his 20s, manipulated the market price of ACE on the Bithumb exchange by forging purchase orders and exaggerating trading volumes, making illegal profits of about 7 billion won, equivalent to about 4.76 million U.S. dollars.

This case is the first violation case since the implementation of South Korea's newly implemented (Virtual Asset User Protection Act). The law aims to strengthen supervision of the virtual asset market, protect the interests of investors, and combat market manipulation. According to the investigation of the prosecution, the ACE trading volume and price on the Bithumb exchange are consistent with the data released by the prosecution, proving that the suspects made illegal profits by manipulating the market.

This incident is undoubtedly a stern warning to the bookmakers who also intend to obtain improper benefits by manipulating the market and falsifying transaction data. With the strengthening of global supervision of the virtual asset market, any attempt to manipulate the market by false means will face serious legal consequences. Although the virtual currency market is relatively new, the relevant regulatory system has been gradually improved, and any illegal behavior will hardly escape the tracking and punishment of the regulatory authorities.

If the market makers still hold on to the hope that they can make huge profits in the short term by manipulating the market, their actions will face increasingly strict scrutiny and punishment. The trust of market participants is built on a fair and transparent trading environment, and improper market manipulation will not only undermine this environment, but also undermine the healthy development of the entire market. Those who try to manipulate prices by falsifying transactions and inflating trading volumes will only suffer the consequences.

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