Ministry of Justice Cracks Down on Virtual Asset Price Manipulation and Unregistered Exchanges
CryptoNewsTerminal Staff27 May, 2024
Ministry of Justice Cracks Down on Virtual Asset Price Manipulation and Unregistered Exchanges
According to Digital Asset, the Ministry of Justice announced on the 27th that "The Seoul Southern District Prosecutor's Office Virtual Asset Crime Joint Investigation Team is working hard to crack down on virtual asset crimes that violate people's livelihoods, such as virtual asset price manipulation, unreported virtual asset exchanges, and virtual asset deposit fraud". The Ministry of Justice cited three representative cases: fraud involving 90 billion won through PICA (PIKA), operation of illegal exchanges at the 5,800 won range, and a daily investment deposit fraud case amounting to 1 trillion and 400 billion won. All three cases have been prosecuted and are currently on trial. The Ministry of Justice is also discussing the enactment of a law on the protection of virtual asset users, which is scheduled to be implemented in July.
