Two South Koreans arrested for allegedly manipulating ACE token prices on Bithumb
ChainCatcher news, according to Digital Asset, prosecutors in Seoul, South Korea, today arrested two suspects aged in their 30s and 20s, which appears to be the first case of violation since the implementation of the new "Virtual Asset User Protection Act" in South Korea. They are accused of manipulating the price of the cryptocurrency Fusionist (ACE), which is listed only on the local exchange Bithumb, by falsifying purchase orders to inflate trading volume, illegally profiting approximately 7 billion won (about 4.76 million USD).
The media pointed out that the ACE trading volume and price data displayed on the Bithumb website are consistent with the data in the announcement released by the prosecutors.
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