South Korean regulator reviews ZKsync's 1000% price swing on Upbit

South Korea's Financial Supervisory Service (FSS) has launched a preliminary market surveillance review into the unusual price volatility of ZKsync (ZK) on the Upbit exchange, the Korea Economic Daily reported. The FSS's Virtual Asset Investigation Bureau explained that it is "currently securing related data and reviewing the details," adding that the matter could be escalated to a formal investigation depending on its severity. On Feb. 1, ZKsync surged nearly 1000% around the time of an Upbit system maintenance period before crashing. The incident led to allegations of price manipulation within the crypto community.