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Anatomy of a Crypto Scam: S. Korea Exposes $4.85M ACE Token Fraud Tactics


by Lipika Deka
for CoinEdition
ACE Manipulation Tactics Detailed by S. Korean Prosecutors
  • South Korea details fake volume & spoofing tactics in ACE token manipulation case
  • Tactics led to $4.85M losses, 15x volume surge on Bithumb via fake orders
  • Seoul trial ongoing; case may set precedent for global crypto manipulation rules

South Korean authorities detailed two fraudulent trading tactics used in the price manipulation of the Fusionist (ACE) token, which resulted in investor losses totaling 7.1 billion won ($4.85 million). 

Findings from a trial in Seoul specify how traders used artificial strategies to deceive the market.

Fake Volume Scheme Created Illusion of Demand

The first method involved artificially inflating trading volume. Manipulators strategically placed buy limit orders above the market price while simultaneously setting sell limit orders below it. 

This created a false impression of high demand, leading traders to believe the token was experiencing organic growth. Reports indicate smart contracts automatically executed these orders, maintaining constant activity and masking the lack of genuine market interest.

High-Speed Spoofing Faked Buy Pressure

The second method involved creating fake buy pressure via spoofing. Mani…

The post Anatomy of a Crypto Scam: S. Korea Exposes $4.85M ACE Token Fraud Tactics appeared first on Coin Edition.

Read the article at CoinEdition

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MainNewsAnatomy of a...

Anatomy of a Crypto Scam: S. Korea Exposes $4.85M ACE Token Fraud Tactics


by Lipika Deka
for CoinEdition
ACE Manipulation Tactics Detailed by S. Korean Prosecutors
  • South Korea details fake volume & spoofing tactics in ACE token manipulation case
  • Tactics led to $4.85M losses, 15x volume surge on Bithumb via fake orders
  • Seoul trial ongoing; case may set precedent for global crypto manipulation rules

South Korean authorities detailed two fraudulent trading tactics used in the price manipulation of the Fusionist (ACE) token, which resulted in investor losses totaling 7.1 billion won ($4.85 million). 

Findings from a trial in Seoul specify how traders used artificial strategies to deceive the market.

Fake Volume Scheme Created Illusion of Demand

The first method involved artificially inflating trading volume. Manipulators strategically placed buy limit orders above the market price while simultaneously setting sell limit orders below it. 

This created a false impression of high demand, leading traders to believe the token was experiencing organic growth. Reports indicate smart contracts automatically executed these orders, maintaining constant activity and masking the lack of genuine market interest.

High-Speed Spoofing Faked Buy Pressure

The second method involved creating fake buy pressure via spoofing. Mani…

The post Anatomy of a Crypto Scam: S. Korea Exposes $4.85M ACE Token Fraud Tactics appeared first on Coin Edition.

Read the article at CoinEdition

Read More

Bitcoin Beats Gold in South Korea’s Latest Investor Sentiment Survey

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A new survey shows that South Korean crypto investors are leaning more toward Bitcoin...
Goldman Sachs: U.S. Dollar Has Much Further to Fall—Will Foreign Investors Abandon U.S. Assets?

Goldman Sachs: U.S. Dollar Has Much Further to Fall—Will Foreign Investors Abandon U.S. Assets?

Goldman Sachs’ predictions about the U.S. dollar fall are pointing to a continuing do...