Gate News message, April 29 — South Korea’s Financial Commission decided at its eighth regular meeting to refer two virtual asset market manipulation cases to investigative authorities. The detected manipulation methods combined traditional securities market tactics with API abuse techniques unique to crypto markets.
In the first case, the suspect purchased specific virtual assets in advance, then placed manipulative high-price buy orders to artificially inflate prices while setting false buy orders to prevent price declines, repeatedly selling for profit. In the second case, the suspect rented API keys from multiple accounts at a fee, executed repeated wash trades between accounts to create false trading activity, then used relay-style high-price orders to drive prices up before selling to retail investors following the price movement.
The Financial Commission warned that account holders who lend API keys used for unfair trading or money laundering may face civil and criminal liability as accomplices. The Financial Supervisory Service plans to strengthen its anomaly detection system logic and mandate that API keys be bound to registered IP addresses.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
US Court Sentences Cartier Descendant to 8 Years for $470 Million Crypto Laundering Scheme
Gate News message, April 29 — A U.S. court has sentenced Maximilien de Hoop Cartier, a descendant of the Cartier luxury jewelry family, to eight years in prison for operating an unlicensed over-the-counter crypto exchange. Prosecutors said the operation moved more than $470 million in drug
GateNews28m ago
Japan's Four Regulators Warn Crypto Poses Money Laundering Risk in Real Estate Transactions
Gate News message, April 29 — Japan's Ministry of Land, Infrastructure, Transport and Tourism, Financial Services Agency, National Police Agency, and Ministry of Finance jointly issued a guidance notice on April 28 warning that cryptocurrencies pose a heightened money laundering risk when used in re
GateNews2h ago
CFTC Sues Wisconsin in Fifth State Prediction Market Crackdown
The Commodity Futures Trading Commission (CFTC) has intensified its legal battle over prediction markets, filing a federal lawsuit against Wisconsin on Tuesday alongside the U.S. Department of Justice in the Eastern District of Wisconsin, making it the fifth state targeted in the agency's escalating
CryptoFrontier2h ago
Kyber Network Hacker Transfers Stolen Funds to Tornado Cash, Suspect Previously Indicted by FBI
Gate News message, April 29 — Kyber Network hacker Andean Medjedovic is transferring stolen funds to Tornado Cash, according to Arkham's blockchain monitoring data. Medjedovic previously stole $48.8 million from KyberSwap in late 2023 and $16.5 million from Indexed Finance in an earlier
GateNews2h ago
The first Polymarket insider trading trial in U.S. federal court begins, and a U.S. service member refuses to plead not guilty
According to a report by Decrypt, U.S. Army senior enlisted leader Gannon Ken Van Dyke on April 29 in federal court in New York pleaded not guilty to charges that he used confidential information to profit on the prediction market Polymarket. He was released on $250k bail and was ordered to surrender his passport and limit his travel; prosecutors said this is the first time the federal government has brought a lawsuit related to prediction market activity.
MarketWhisper2h ago
FBI: A California Chinese man is missing; he previously offered $1 million to buy gold and cryptocurrency
The U.S. Federal Bureau of Investigation (FBI) posted on April 20 on X under its “Ten Most Wanted Fugitives” account, announcing that it is working with local law enforcement agencies to investigate the disappearance of 74-year-old California man Nai Ping Hou (translated name). An FBI notice confirmed that more than $1 million was withdrawn before and after his disappearance and was used to buy gold and cryptocurrency; the relevant accounts had been emptied before law enforcement agencies received reports.
MarketWhisper3h ago
