Bad News from South Korea for This Ethereum (ETH) Based Altcoin! An Investigation May Be Launched!
In South Korea, where there is intense interest in altcoins, sudden price surges are frequently observed in some altcoins.
At this point, one of these altcoins is ZKsync (ZK), which has become one of the popular altcoins of recent times. ZK, which was listed on Upbit, South Korea’s largest cryptocurrency exchange, at the beginning of January, is now under investigation by the country’s regulatory body.
Accordingly, the South Korean Financial Supervisory Service (FSS) has launched an investigation into ZK, which is traded on Upbit, the country’s largest cryptocurrency exchange.
A spokesperson for South Korea’s Financial Security Service’s Virtual Asset Investigation Bureau, speaking to local newspaper Hanguk Kyungjae, stated that they are monitoring the market for the altcoin ZK following abnormal price fluctuations.
An FSS spokesperson said that on February 1st, the ZK surged by approximately 1000% in just three hours, rising from 33 KRW to 350 KRW, but then quickly fell back down.
“We are aware that ZKsync has experienced rapid price fluctuations in a short period of time. We are investigating the matter and may quickly launch a formal investigation once we determine the seriousness of the incident.”
Jin Hyeon-su, an attorney at Decent Law Firm, stated, “ZK Sync experienced a surge in buy orders on the 1st of the month, followed by a rapid increase in trading volume. This likely indicates price manipulation, collusion, and unfair trading.”
*This is not investment advice.
Continue Reading: Bad News from South Korea for This Ethereum (ETH) Based Altcoin! An Investigation May Be Launched!
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