Gang Arrested for Embezzling 7 Billion Won by Manipulating Coin Prices... First Case of Violation of the Virtual Asset Act

A group that manipulated virtual asset prices to embezzle about 7 billion KRW has been arrested. This is the first case applied since the Virtual Asset User Protection Act was enforced in July.

On the 19th, the Virtual Asset Crime Task Force of the Seoul Southern District Prosecutors' Office (headed by Park Geon-wook) announced that the main suspect, Mr. Lee, in his 30s, and an accomplice, Mr. Kang, in his 20s, were arrested the previous day on charges of violating the Virtual Asset User Protection Act. Mr. Kang is an employee of the company operated by Mr. Lee.

Seoul Southern District Prosecutors' Office, Yangcheon-gu, Seoul.
Photo by Daehyun Kim kdh@

According to the prosecution, they are suspected of inflating trading volumes or inducing coin trading through fictitious buy orders. They are accused of obtaining approximately 7 billion KRW in illicit profits through such price manipulation orders. The case was transferred through a fast-track procedure from the Financial Supervisory Service and is the first case to apply the Virtual Asset User Protection Act.

A representative from the Seoul Southern District Prosecutors' Office stated, "We will thoroughly investigate and strictly punish criminal groups involved in unfair trading practices such as price manipulation that disrupt the order of the virtual asset market, in cooperation with related organizations including the Financial Supervisory Service."