'Virtual Asset Price Manipulation' 30s Arrested... First Fast-Track Case of Virtual Asset Law

Uk Jin

Summary

The prosecution reported that they investigated the first virtual asset law violation case on a fast-track and arrested the main perpetrator in his 30s.
The main perpetrators, Mr. A and Mr. B, are accused of manipulating trading volumes with false buy orders to gain about 7 billion KRW in unfair profits.
It was revealed that this is the first virtual asset user protection law violation case handed over on a fast-track by the Financial Supervisory Service.

The prosecution has arrested the main perpetrator of the first virtual asset law violation case handed over by the Financial Supervisory Service on a fast-track.

According to the industry on the 19th, the Seoul Southern District Prosecutors' Office arrested a man in his 30s, Mr. A, and a man in his 20s, Mr. B, on charges of violating the Virtual Asset User Protection Act.

Mr. A and others are accused of manipulating the prices of virtual assets (cryptocurrencies) by inflating trading volumes through false buy orders, thereby gaining approximately 7 billion KRW in unfair profits.

The prosecution received this case from the Financial Supervisory Service last October, marking the first virtual asset user protection law violation case handed over on a fast-track by the Financial Supervisory Service.