South Korea's Financial Services Commission has filed lawsuits against two cases of crypto asset market manipulation.

Deep Tide TechFlow News, July 1 – According to "Daily Economy," the Korean Financial Committee held its 12th regular meeting on July 1, filing lawsuits against two crypto asset market manipulation cases. In the first case, a "whale" investor used tens of billions of Korean won to acquire about half of a certain crypto asset's global circulation, first artificially driving up the price on a foreign exchange, then exploiting cross-exchange price linkage effects to arbitrage on a domestic exchange, with losses borne by domestic investors.

In the second case, the suspect targeted "kimchi coins" by repeatedly submitting market buy and sell orders via an API channel within one second, creating a false impression of active trading. Simultaneously, the suspect placed high-priced buy orders on the web interface to drive up the market, then offloaded in batches to cash out as buy orders surged. The Financial Committee warned investors to be wary of crypto assets with unexplained surges in price and trading volume, and stated that it will strengthen large-holder position disclosure mechanisms and the market early warning system.