South Korea
Digital Asset
Crypto API Market Manipulator Indicted, Held in Custody Over KRW 700 Million in Illicit Gains
- Defendant Mr. A was indicted and detained on October 30 for violating the Virtual Asset User Protection Act.
- He allegedly used an API-based automated order program to manipulate prices across 11 digital assets, earning roughly KRW 700 million in illicit gains.
- The case followed a December referral from the Financial Services Commission, with prosecutors coordinating with related agencies to trace abnormal orders and trading volume changes.