'Virtual Asset Law' Applied to AVAIL Price Manipulation Case
CryptoNewsTerminal Staff04 Aug, 2024
'Virtual Asset Law' Applied to AVAIL Price Manipulation Case
Financial Authorities Investigate First Case Under Virtual Asset Act Financial authorities have launched an investigation into alleged price manipulation of AVAIL on the Bithumb virtual asset exchange. This marks the first case investigated under the recently implemented "Act on the Protection of Virtual Asset Users" (Virtual Asset Act). On the 23rd and 24th of last month, AVAIL's price experienced extreme volatility. It surged from 236 won per unit to 3500 won within 15 minutes, before plummeting to 284 won the next day. Authorities suspect that the manipulation was orchestrated by individual A, who led the transactions and may have profited up to 3.6 billion won. The investigation will focus on determining the extent of the manipulation and identifying any individuals or entities responsible. This case highlights the importance of regulating the virtual asset market to protect investors from potential fraud and manipulation. The Virtual Asset Act aims to establish a legal framework for the industry, including measures to prevent price manipulation and other illegal activities.
