ChainCatcher news, according to Cointelegraph, the Financial Services Commission (FSC) of South Korea reported the first unfair trading case since the implementation of the "Virtual Asset User Protection Act." The law will take effect in July 2024 and requires local virtual asset service providers (VASP) to report abnormal transactions and investigate unfair trading patterns.According to the FSC, the suspect used a "pump and dump" scheme to manipulate the market by initiating multiple buy orders to inflate the price of a certain cryptocurrency, and then selling off a large amount of pre-purchased assets. The entire manipulation process is typically completed within 10 minutes, resulting in severe price fluctuations of the targeted asset and illegal profits of hundreds of millions of Korean won within a month.The FSC stated that in light of the continuous growth in cryptocurrency trading volume, regulatory authorities will further strengthen the construction of the investigation system, promote market monitoring of VASPs, and consider improving market structure to ensure transaction transparency and fairness.

ChainCatcher message, Bithumb announced that in order to protect investors and establish a sound market order, Bithumb is actively responding to unfair trading practices such as using undisclosed information, market manipulation, and illegal trading before the implementation of the "Virtual Asset User Protection Act" (July 2024). They plan to set up a reward of up to 300 million KRW for reporting unfair trading, which will be paid to those whose reported actions are subject to disciplinary action or confirmed by the court as valid (first report).

ChainCatcher news, according to Decenter, the Financial Services Commission (FSC) of South Korea has announced that it has signed a memorandum of understanding with the Korea Internet & Security Agency (KISA) to cooperate in investigating unfair trading of virtual assets. This is due to numerous allegations of market manipulation in the virtual asset market and fraudulent transactions combined with information technology (IT).FSC Chairman Lee Bok-hyun stated, "Unlike capital markets, unfair trading of virtual assets requires digital information analysis, such as fact-checking related to cyber attacks. We will establish a real-time response system with KISA to prevent disguised cyber attacks or manipulation of digital information. For example, if a digital asset issuer hides code for manipulating the network in a smart contract, arbitrarily changing the issuance and circulation amounts, which contradicts the digital asset allocation plan stated in the white paper, then digital information analysis will be necessary."