[2024 National Audit] Bithumb 'Abeil' Responsibility Controversy... Lee Bok-hyun "Will Review Pointed Issues"

National Assembly Political Affairs Committee Financial Supervisory Service Audit

On the 17th, Lee Bok-hyun, Governor of the Financial Supervisory Service, responded to a National Assembly inquiry holding Bithumb accountable regarding Aveil Coin, the first case accused of virtual asset price manipulation, stating, "We will look into the pointed issues."

Governor Lee made this remark during the morning session of the National Assembly's Political Affairs Committee audit, responding to a question from Min Byung-duk, a member of the Democratic Party of Korea.

Aveil, which was listed on Bithumb on July 23, saw its price surge from 236 won by over 1000% to 3,500 won, then plummet by 80% in a single day, causing significant investor losses due to extreme price volatility. Notably, the damage was concentrated on domestic exchanges, raising concerns about Bithumb's negligence in monitoring and managing the situation. During this process, suspicions arose that an influencer in the virtual asset industry was behind the price manipulation, prompting financial authorities to initiate an investigation.

Assemblyman Min criticized, "Bithumb claims this is merely a listing pump, but a listing pump means a price surge after listing that should also occur abroad. However, Aveil surged only in our country and not overseas. Looking at the graph, Aveil on Bithumb sharply dropped, yet they professionally claim the wash trading is complete."

Governor Lee replied, "We are continuously advancing our abnormal transaction detection systems. We are conducting various investigations, including related cases, and since we are currently inspecting Bithumb, we will look into the pointed issues."

Regarding a question about whether foreigners can trade domestically, Governor Lee mentioned, "I understand there are real-name verification restrictions."