PANews April 29 news, according to the Korea News Agency Infomax report, the South Korean Financial Services Commission has decided to refer the suspects of two virtual asset market manipulation cases to investigative authorities at its 8th regular meeting. The manipulation methods discovered mixed traditional securities market "pump and dump" with the specific API abuse methods unique to the virtual asset market. The first suspect purchased specific virtual assets in advance, issued manipulative high-priced buy orders through concentrated short-term orders to drive up the price, while setting up false buy orders to prevent price drops, repeatedly selling off to profit. The second suspect rented multiple accounts' API keys at a certain cost and created an illusion of trading activity through repeated wash trading between multiple accounts, then sold off to following retail investors after raising the prices with relay high-priced orders.

The Financial Services Commission warned that lending API keys used for unfair trading or money laundering may result in account holders bearing civil and criminal liability as accomplices. The Financial Supervisory Service plans to strengthen the logic of abnormal trading detection systems and enforce the binding of API keys to registered IP addresses.

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