South Korea's Financial Commission has referred the "big whale" that used tens of billions of won to manipulate currency prices to prosecutors

The South Korean Financial Commission said at a regular meeting on the 3rd that it has transferred the relevant personnel suspected of conducting virtual asset market manipulation and improper transactions to the procuratorial organs, and decided to impose fines on the suspects of improper transactions.
According to financial authorities, a "big whale" investor used tens of billions of won to raise the price of multiple currencies, illegally profiting billions of won from it, and was transferred to prosecutors on suspicion of market manipulation. The suspect first submitted a manipulative buy order, and immediately sold all the chips he held after the inflow of funds formed a buy. He even transferred the tokens he had previously purchased on overseas virtual asset exchanges to the domestic market for sale.
In addition, unfair trading cases that used social media to falsely publish positive information and profit from it were also referred to prosecutors. This is the first time that financial authorities have used social media to investigate and deal with unfair trading cases of virtual assets.
The authorities have imposed fines for cases of intelligent improper transactions using market price linkage between exchanges. This is the first time a fine has been issued since the implementation of the Virtual Asset User Protection Law.