"Coin market manipulation." Arrested in their 30s...Virtual Assets Act Fast Track No. 1

Prosecutors have arrested the main culprit of the first virtual asset law violation taken over by the Financial Supervisory Service on a fast track.

The Seoul Southern District Prosecutors' Office yesterday (18th) arrested A in his 30s and B in his 20s for violating the Virtual Asset User Protection Act.

Mr. A and others are accused of making an unfair profit of about 7 billion won by manipulating the market price of virtual currency by inflating the trading volume through false purchase orders.

Prosecutors received the case from the Financial Supervisory Service in October, the first violation of the Virtual Asset User Protection Act to be taken over by the FSS on a fast track.