Crypto Crackdown: South Korea Probes 40 Cases of Market Manipulation
South Korean financial authorities have uncovered a surge in illicit activities, launching investigations into over 40 cases of market manipulation and fraudulent crypto trading over the past two years. Led by the Financial Services Commission (FSC), this crackdown aims to fortify the Virtual Asset User Protection Act and safeguard the integrity of the digital asset ecosystem.
Since the enforcement of new regulations in July 2024, authorities have already identified 25 suspects involved in high-stakes financial crimes. With average unlawful gains reaching nearly $940,000 per case, the South Korean government is sending a clear message: crypto manipulation and unfair trading practices will no longer go unpunished in one of the world's most active digital markets.
Following the enactment of the Virtual Asset User Protection Act, 30 of these cases were referred to investigative agencies, leading to the identification of 25 suspects since July 2024. Lee noted that the average unlawful gains from these activities amounted to approximately 1.4 billion Korean won ($940,000), highlighting the significant scale of the fraudulent operations being targeted by regulators.
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