Overview of Recent Investigations
The Financial Service Commission (FSC) Chair Lee Eog-won recently announced that South Korean authorities have probed over 40 instances of suspicious trading in the cryptocurrency market since the Virtual Asset User Protection Act was enacted two years ago.
Findings of Market Manipulation
The investigations have sadly revealed numerous cases of alleged market manipulation and fraudulent practices. The FSC has shared that over 30 of these cases have been forwarded to investigative bodies, resulting in the identification of 25 individuals suspected of wrongdoing.
Illicit Gains Identified
Remarkably, the average amount identified as illicit gains reached approximately 1.4 billion Korean won, equivalent to around $940,000 per case. This disclosure comes as the country commemorates the second anniversary of the act, which came into force on July 19, 2024.
