CoinBound News reports that, according to South Korea's 'Maeil Economic Daily,' the Korean Financial Services Commission decided at its 12th regular meeting to refer two cases suspected of crypto asset market manipulation to investigative authorities. The first case involves a "whale" investor suspected of investing hundreds of billions of won to manipulate the price of a crypto asset listed on both Korean and overseas exchanges over approximately two months. This was done by first inflating the price on a foreign exchange, then inducing Korean investors to buy through price linkage between exchanges, and profiting on the local Korean exchange. The second case involves ultra-short-term manipulation of so-called "kimchi coins," where a suspect is accused of pre-purchasing specific crypto assets, then repeatedly submitting market buy/sell orders via API within one second, and repeatedly posting high-priced buy orders on the web page to attract follow-on buying, before selling off in batches for profit.