Man in his 30s to Stand Trial for 700 Million Won in Unjust Gains from Virtual Asset Price Manipulation

Man in his 30s to stand trial for 700 million won in unjust gains from virtual asset price manipulation

A man in his 30s who manipulated virtual asset prices using an automated trading program (API) to gain hundreds of millions of won in profit has been sent to trial.

On the 1st, the Seoul Southern District Prosecutors' Office's Joint Investigation Unit for Virtual Asset Crimes (Chief Prosecutor Kim Yong-je) announced that it had arrested and indicted Mr. A, a man in his 30s, the previous day on charges of violating the Act on the Protection of Virtual Asset Users, etc., for manipulating the prices of 11 virtual assets and gaining illicit profits of approximately 700 million won.

It was investigated that Mr. A had been submitting unusual orders using an API.

After receiving a complaint from the Financial Services Commission in December last year, the prosecution analyzed Mr. A's API unusual order submission patterns and real-time virtual asset trading volume fluctuations, revealing the impact of Mr. A's unusual orders on market prices.

The prosecution stated, "We will respond sternly to those who disrupt the virtual asset market."