Man in His 30s Indicted for Manipulating Virtual Asset Prices with Automated Orders, Pocketing Over 700 Million Won

[Financial News] An investor who manipulated virtual asset prices using an automated order-placement program has been indicted while in custody.
The Seoul Southern District Prosecutors’ Office’s Joint Investigation Division for Virtual Asset Crimes, headed by Chief Prosecutor Kim Yong-je, said on the 1st that it had indicted a male investor in his 30s, identified only as A, while in custody for allegedly violating the Act on the Protection of Virtual Asset Users.
A is accused of manipulating the prices of 11 types of virtual assets by placing anomalous orders through an automated order-placement program and obtaining more than 700 million won in illicit profits.
The prosecution launched its investigation in cooperation with relevant agencies following a complaint filed by the Financial Services Commission (FSC) in December last year.
A prosecution official said, "We analyzed A’s pattern of submitting anomalous orders and real-time changes in virtual asset trading volumes to determine how those orders affected prices." The official added, "We will respond firmly to offenders who disrupt the virtual asset market."
[email protected] Park Seong-hyeon Reporter