South Korea Cracks Down on Crypto Manipulation with Over 40 Investigated Cases

The South Korean Financial Services Commission (FSC) has investigated over 40 cases of alleged unfair conduct in the crypto market, including market manipulation and fraudulent trading activity, over the past two years.

Of these cases, 30 have been reported or referred to investigative authorities, with an average unlawful gain of approximately 1.4 billion Korean won ($940,000) per case.

The regulator has identified 25 suspects connected to these matters since the Virtual Asset User Protection Act took effect in July 2024.

FSC Chair Lee Eog-won emphasized that the commission will continue to enhance its market surveillance and investigation systems using AI-assisted monitoring, with a focus on high-risk areas such as wash trading and manipulation.