South Korean Regulator Escalates Two Market Manipulation Cases for Investigation
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On July 1, 2026 South Korea's Financial Services Commission referred two virtual asset market manipulation cases to investigators after identifying a whale running pump-and-dump schemes across domestic and overseas exchanges and another trader spamming markets via repeated API orders. The FSC warned users to beware of tokens with sudden price spikes, underscoring crypto market manipulation and security risks for CEXs, DEXs and DeFi participants.
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- The FSC says it has submitted two cases of virtual market manipulation for investigation.
- A whale engaged in pump-and-dump while another trader spammed the market via APIs.
- FSC warned users to be wary of virtual assets with suddenly skyrocketing prices.
The South Korean Financial Services Commission (FSC) has decided to report two cases involving virtual asset market price manipulation to investigative authorities.
Two Cases of Market Manipulation
According to a report released after its meeting on Wednesday, July 1, 2026, FSC stated that the first case involves a large-scale virtual asset investor, known as “whale,” who mobilized large amounts of capital to manipulate the market prices of virtual assets listed on both domestic and overseas exchanges.
Meanwhile, the commission described the second case as one involving a user who repeatedly submitted sma…
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