The Seoul Southern District Prosecutors’ Office has uncovered a sophisticated scheme to manipulate Fusionist (ACE) token prices. Prosecutors categorized the case as a significant violation, resulting in fraudulent profits totaling 7.1 billion won (about 4.8 million USD). Lee and Kang used tactics, including ‘hit’ orders and fake buy orders, to inflate trading volumes.
Alarmingly, over 88.69% of the manipulated transactions were identified as fraudulent. The enforcement of the Virtual Asset User Protection Act through expedited proceedings indicates a stern approach towards cryptocurrency fraud, potentially influencing future market regulations and investor protection standards in South Korea.
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