South Korean FSC refers 2 crypto manipulation cases to prosecutors

South Korea's Financial Services Commission (FSC) has referred two cases of alleged virtual asset market manipulation to law enforcement, Maeil Business Newspaper reported. The decision was made during the commission's 12th regular meeting on July 1. One case involves so-called "whale" investors who allegedly inflated a cryptocurrency's price on overseas exchanges before realizing profits on domestic platforms. The other involves individuals accused of using high-frequency, repetitive orders on a "kimchi coin" to create artificial buying pressure and manipulate its price. Financial authorities stated they plan to enhance information disclosure regarding the accumulation and disposal of assets by large-scale investors. They also intend to improve the market warning system to flag when trading becomes heavily concentrated in a small number of accounts.