The Korean Financial Services Commission will refer "large whales" who manipulated coin prices with tens of billions of won to the prosecution.

Jinse Finance reported that on the 3rd, the Korean Financial Services Commission stated at a regular meeting that it has referred individuals suspected of manipulating the virtual asset market and engaging in unfair trading practices to the prosecution, and has decided to impose fines on those suspected of unfair trading. According to the financial authorities, a "large whale" investor used hundreds of billions of Korean won to drive up the prices of multiple cryptocurrencies, illegally profiting tens of billions of Korean won, and is suspected of market manipulation, thus being referred to the prosecution. The suspect first concentrated on submitting manipulative buy orders, and after the inflow of funds formed buying momentum, immediately sold off all held tokens, even transferring tokens previously purchased on overseas virtual asset exchanges to domestic exchanges for sale. In addition, cases of unfair trading involving the use of social media to falsely release positive information and profit from it have also been referred to the prosecution. This is the first time that the financial authorities have investigated and handled unfair virtual asset trading cases through social media. For intelligent unfair trading cases that exploit price linkage between exchanges, the authorities have imposed fines. This is the first fine issued since the implementation of the Virtual Asset User Protection Act.