Billions of Profits by Adjusting Coin Market Price...Financial authorities notify prosecutors for first time

The financial authorities notified the prosecution of a case in which they took billions of dollars by adjusting the market price of the coin, a virtual asset.

The Financial Services Commission and the Financial Supervisory Service said this is the first time that the prosecution has been notified after the virtual asset exchange's abnormal trading hearing and financial authorities' investigation since the enforcement of the virtual asset user protection law.

Mr. A is accused of raising the market price by repeating large-scale purchase orders and imaginary orders to sell coins received from overseas virtual asset issuance foundations to domestic virtual asset exchanges at high prices.

Through this, the amount of unfair gains A took was estimated to be around billions of won.

Financial authorities explained that they used a typical market price manipulation method that caused ordinary users to mistake the coin for an influx of buying.