South Korea probed 40 cases of crypto manipulation over 2 years

[Oshosondy]

If you are interested, you can read the news on https://cointelegraph.com/news/south-korea-probed-40-cases-of-crypto-manipulation-over-2-years?utm_campaign=rss_partner_inbound&utm_medium=rss&utm_source=rss_feed

Just 40? Maybe that is just from people in South Korea because the crypto manipulations that I have seen this year on exchanges will be more than 1000 which people have seen something that is normal. It is what that is happening almost daily with huge price rise and fall of altcoins.

What do you think?

[Mpamaegbu]

What do you think?

I think it's a good start. We shouldn't see that 40 as a discouraging number. No. Remember that Rome wasn't built in a day, and like they say "Block by block a house is built." Even if the problem were judged to be enormous, not starting at all or doing something at all to challenge it is tantamount to giving up.

If every country can do just that 40 probes, great sanity will speedily be instilled in this industry. Enough of scamming activities. It's killing this industry.

[MArsland]

Over the past two years, I believe this measure has been considered fruitful, especially since South Korea has also successfully stopped millions of dollars in various activities, including fraud, money laundering, and hacking. At least they are truly implementing comprehensive oversight.
According to another article I read, after this policy was implemented, many exchanges operating in South Korea felt constrained because they ultimately removed many altcoins from their trading lists. This resulted in losses for the exchanges.

https://cointelegraph.com/news/south-korea-cryptocurrency-exchange-virtual-asset-service-provider-vasp-fsc

[hugeblack]

Just 40? Maybe that is just from people in South Korea because the crypto manipulations that I have seen this year on exchanges will be more than 1000 which people have seen something that is normal. It is what that is happening almost daily with huge price rise and fall of altcoins.

I tried to check the source of the news and found more details:

40 cases of unfair trading, including market manipulation and fraudulent crypto trading, in the last two years.

So the news is talking about cases of unfair trading, not all cases of scam or market manipulation.
It will be difficult to track scams related to tokens and dump coins.

[Die_empty]

What do you think?

The South Korean Virtual Asset User Protection Act was enacted in 2024. Since the crypto industry is new, there is a need for periodic review of these laws to identify loopholes and make further amendments. I am pleased with what the government is doing because criminals will always want to take advantage of loopholes to engage in market manipulation and fraudulent crypto trading. It is good to know that about 25 suspects have been identified. Necessary amendments should be made to the law to safeguard investors from criminal networks.

[sergiorus]

Upbit is the place where crazy manipulations happen.

You can see illiquid coins pumping out of nowhere like crazy with good volumes on there causing short squeezes on perp exchanges like Bybit and Hyperliquid before nuking lower.

Most of the times it's the coins that are not affiliated with Korea in any way. I think teams from all over the world pay Korean market makers to cause short squeezes before they could proceed pumping and shorting their own coins further.

A text book example if someone is interested in further analysis: $BLAST.
Exactly what I described happened to this coin a few times in the last 1.5 years.

[Aanuoluwatofunmi]

Just 40? Maybe that is just from people in South Korea because the crypto manipulations that I have seen this year on exchanges will be more than 1000 which people have seen something that is normal. It is what that is happening almost daily with huge price rise and fall of altcoins.

Why are they obsessed with just only 40 cases that they were being able to identify it in the country, what about others that they couldn't even picture on what is going on and they have nothing to do over them, even in general stock market performance their manipulations going on and this is what the government also control, become prevent things like this from happening, the same way we see a set being liquidated we also see some being found generating income, government can just control everything when it comes to cryptocurrency except the ones they could only lay hold upon.

[rat03gopoh]

Why are they obsessed with just only 40 cases that they were being able to identify it in the country,

According to the OP article, only 30 cases were actually reported. The remaining 10 were likely the result of further investigations into all the suspects involved. This means authorities acted on reports, and they only selected based on the amount of damage or which services were within their jurisdiction. Honestly, $940k is still a significant loss on average per case.

[sergiorus]

Also there seems to be a lot of stuff happening in Korean blockchain industry behind the scenes.

For example:
South Korea’s Top Five Crypto Exchanges See Volume Plunge 88% as Korbit Sells 15 BTC and 60 ETH to Fund Operations

According to ZDNet Korea, daily trading volume across South Korea’s five major won-based crypto exchanges fell 88% year-on-year to about KRW 412.7 billion ($280 million) as of July 20. The downturn has hit fee revenue, with Upbit operator Dunamu reporting first-quarter revenue and operating profit declines of 55% and 78%, respectively. Korbit has sold crypto assets three times this year to fund operations, including 15 BTC and 60 ETH in early July for about KRW 1.6 billion ($1.08 million).




Source: https://www.wublockchain.xyz/news/news-20042

[Flashift]

You're right. Manipulation on cryptocurrency exchanges has become commonplace and is happening all over the world. Do you think traders can do anything about it?

* I've a solution

[Faisal2202]

Just 40? Maybe that is just from people in South Korea because the crypto manipulations that I have seen this year on exchanges will be more than 1000 which people have seen something that is normal. It is what that is happening almost daily with huge price rise and fall of altcoins.

What do you think?

I think saying more than 1000 cases would be exaggerated, but I don't know, maybe you are right. I did hear about a lot of cases in the past year that took place in SK, like the funeral companies, exchange CEOs misusing their power to put pressure on other competitors, and a lot of other stuff was happening in South Korea. But the amazing thing is, the authority they created did a great job of identifying all this.

Authorities there are really good. They could be corrupt because last I heard, some policemen were also not reporting the seized crypto to the higher authorities. Instead, they faked the heist of the seized funds and kept them for themselves, if I am not wrong.

So basically it was a hard journey, but still the market is getting cleaned every year of these people.

[joniboini]

I did hear about a lot of cases in the past year that took place in SK, like the funeral companies, exchange CEOs misusing their power to put pressure on other competitors, and a lot of other stuff was happening in South Korea. But the amazing thing is, the authority they created did a great job of identifying all this.

I'm not up to date with their latest political situation but last time I heard was about the lock down drama or something similar. I can only say that at the end of the day it depends on who sit on top of the chain. If their drama is anything to go by, portrayal of corrupts individuals are massive. I don't think it's just groundless. Just like how Japanese legal drama always tackle the issue of their high indictment rate by showing how biased judge and prosecutors towards suspects.

[Alphakilo]

Just 40? Maybe that is just from people in South Korea because the crypto manipulations that I have seen this year on exchanges will be more than 1000 which people have seen something that is normal. It is what that is happening almost daily with huge price rise and fall of altcoins.

What do you think?

I think saying more than 1000 cases would be exaggerated, but I don't know, maybe you are right. I did hear about a lot of cases in the past year that took place in SK, like the funeral companies, exchange CEOs misusing their power to put pressure on other competitors, and a lot of other stuff was happening in South Korea. But the amazing thing is, the authority they created did a great job of identifying all this.

Authorities there are really good. They could be corrupt because last I heard, some policemen were also not reporting the seized crypto to the higher authorities. Instead, they faked the heist of the seized funds and kept them for themselves, if I am not wrong.

So basically it was a hard journey, but still the market is getting cleaned every year of these people.

I won't be guessing wrong if I say that these occurrence of crypto manipulation affects mostly the altcoin market, because I doubt Bitcoin is manipulated in such a glaring way.
Also, I think the 40 cases being probed are the once they have real hard evidence on and the number of such activities could be more.
The global regulatory frameworks should try to be more coordinated both across and within borders, inorder to be able to easily detect and tackle such spoofing that is API-driven, so as to give a breathing room to the growth of crypto currencies.

[Faisal2202]

I'm not up to date with their latest political situation but last time I heard was about the lock down drama or something similar. I can only say that at the end of the day it depends on who sit on top of the chain. If their drama is anything to go by, portrayal of corrupts individuals are massive. I don't think it's just groundless. Just like how Japanese legal drama always tackle the issue of their high indictment rate by showing how biased judge and prosecutors towards suspects.

It was martial law. The president declared it, but the public came out and said enough is enough, and the government had to reverse the decision. I was preparing for the Korean language test at that time.

The president was removed, and there were some changes. The one that benefited me the most was the increase in the visa duration.

Anyway, judges and prosecutors can be biased all over the world, but just as not all five fingers are equal, not all people in such positions are equal. Some are really honest, but some only work for bribes.

[jossiel]

Just 40? Maybe that is just from people in South Korea because the crypto manipulations that I have seen this year on exchanges will be more than 1000 which people have seen something that is normal. It is what that is happening almost daily with huge price rise and fall of altcoins.

What do you think?

I'll have to back that up with real numbers and proof to say that there's at least more than 40 to a thousand. I used to say manipulations do happen but that's because it is what's on my mind.

But on this case, if that's the only number they've caught it's possible that you're right and there could be more.

Although we have to lay some proofs to justify it. Well, I'm not trying to be formal but we all know that manipulation is actually happening. Though, we don't know the actual numbers of how many have been there.

[AVE5]

If you are interested, you can read the news on https://cointelegraph.com/news/south-korea-probed-40-cases-of-crypto-manipulation-over-2-years?utm_campaign=rss_partner_inbound&utm_medium=rss&utm_source=rss_feed

Just 40? Maybe that is just from people in South Korea because the crypto manipulations that I have seen this year on exchanges will be more than 1000 which people have seen something that is normal. It is what that is happening almost daily with huge price rise and fall of altcoins.

What do you think?

The South Korea had obviously been reported as a region that's being of target with certain particular scammers schemes such to victimize bitcoin and crypto user's either by launching malicious programs to random nuser's in the area, which reports has also been around user's being lossingn their funds mysteriously and maliciously.
The blind adoption of coins to buy and hold had aldo been another terrifying means that investor's generally looses their funds after trusting on the project that's decorated too promising but failed.
It's true that whatever happens in the space now is normal but I'm sure we haven't seen the scamming schemes all yet while technology and security is tightening so scammers is also advancing sophisticatedly and it's the more vulnerable user's will befall victims especially are the exchange had become a loophole for scammers.

[BitMaxz]

Actually manipulation in crypto is pretty normal unless the exchange itself manipulates the price; that's unfair. Any inside jobs that manipulate price on this exchange are shady, which is unfair to customers who consistently trade and get wrecked by unexpected spikes that only happen on that exchange.

If I am one of their customers, this should be reported to the SEC so that they can comply with the law and verify their operations' legitimacy.

[shinratensei_]

If you are interested, you can read the news on https://cointelegraph.com/news/south-korea-probed-40-cases-of-crypto-manipulation-over-2-years?utm_campaign=rss_partner_inbound&utm_medium=rss&utm_source=rss_feed

Just 40? Maybe that is just from people in South Korea because the crypto manipulations that I have seen this year on exchanges will be more than 1000 which people have seen something that is normal. It is what that is happening almost daily with huge price rise and fall of altcoins.

What do you think?

Apparently their exchanges are more selective and list fewer altcoins compared to the global exchanges. The altcoins you've been seeing that did the pump and dump mostly never get into their exchange.
Lab and Dexe all of them which recently have been doing a massive scam pump and dump don't get listed on their exchanges.

Although they also listed some of the worse crypto ever to invest that go down not long after the listing like ZKP and AVNT.

I still remember how ZKP was going down so hard not long after bithumb listing announcement and that was such a disaster, So many people lost their lifesaving. At least the fact that they have 40 cases to probe is an improvement.

[Ishicryptic]

Why are they obsessed with just only 40 cases that they were being able to identify it in the country,

According to the OP article, only 30 cases were actually reported. The remaining 10 were likely the result of further investigations into all the suspects involved. This means authorities acted on reports, and they only selected based on the amount of damage or which services were within their jurisdiction. Honestly, $940k is still a significant loss on average per case.

I think that we should commend the Korean, government for making efforts in their country's crypto space to sanitize it, the move will reduce influx of manipulations in their crypto market which is recommendable. The rate of manipulations and scams in the crypto industry is very alarming and the ordinary traders cannot do much to curb the excesses of these manipulators so it is a good that the Korean, government became proactive to protect crypto traders in their country, I'm sure that with time crypto manipulations would drastically reduce. If other countries where manipulators are taking advantage of their crypto market will follow the footstep of Korea, I'm sure that we will gradually start to have a safer crypto space globally.

[Perfectbaby]

This is never a new thing in crypto especially in altcoin that is why it always advisable to stay away from newly listed altcoins and many people often think that altcoins gives them the possible profit they need so that are always jumping around altcoins. To more open in this case, crypto or do I say altcoin manipulation is what that is happening every day because if you watch at some altcoin they only come to manipulate and take off people’s money. It’s more like a pump and dump case where if you invest or trade on newly listed altcoins and you weren’t able to take quick profits you could end up having worthless coin or token on your wallet. Of course I agreed with you that it happens nearly everyday on exchanges.