The South Korean Financial Commission will transfer the "large Whale" manipulating coin prices, involving hundreds of billions of won, to the prosecution.

[The South Korean Financial Services Commission will transfer the "large Whale" manipulating coin prices, involving hundreds of billions of won, to the prosecution] The South Korean Financial Services Commission stated at a regular meeting on the 3rd that it has transferred relevant personnel suspected of manipulating the virtual asset market and engaging in improper trading activities to the prosecution, and has decided to impose fines on those suspected of improper trading. According to financial authorities, a "large Whale" investor used hundreds of billions of Korean won to inflate the prices of multiple coins, illegally profiting billions of Korean won and is suspected of market manipulation, thus being referred to the prosecution. The suspect initially concentrated on submitting manipulative buy orders, and after capital inflow formed a buy order, immediately sold all held chips, and even transferred tokens previously purchased at overseas virtual asset exchanges to sell domestically. In addition, cases of improper trading where false positive information is released on social media for profit have also been transferred to the prosecution. This is the first time that financial authorities have investigated and handled unfair trading cases of virtual assets through social media. For cases of smart improper trading conducted through the price linkage between exchanges, authorities impose fines. This is the first fine issued since the implementation of the "Virtual Asset User Protection Law."