South Korea's FSC files complaints in two crypto manipulation cases

South Korea's Financial Services Commission (FSC) has filed complaints with law enforcement authorities in two separate cases of alleged cryptocurrency market manipulation, Chosun Biz reported. The FSC announced it had voted to refer the suspects for investigation. In the first case, individuals are accused of pre-accumulating billions of won worth of a specific cryptocurrency before placing sell orders above their purchase price. They then allegedly used tens of billions of won to repeatedly submit high-priced buy orders to artificially inflate the price to their target level. The second case involves suspects who allegedly used an automated trading program to inflate volume. According to the investigation, they repeatedly executed market buy and sell orders multiple times per second for tens of minutes, inflating the transaction count for a specific coin by tens of millions.