According to PANews, South Korea's first case involving allegations of virtual asset price manipulation has seen its main suspect, identified as A, and an accomplice, B, granted bail by the court. The prosecution accuses them of manipulating the market by placing fake buy and sell orders, trading approximately 1.22 million C coins, and illicitly profiting around 7.1 billion won (approximately $5.2 million). This case marks the first major crime uncovered since the implementation of the Virtual Asset User Protection Act last year.
Some industry experts have expressed concerns over the bail decision, fearing it could lead to evidence tampering or further criminal activities, particularly as A's computer might contain information on other unlisted tokens. Additionally, another accomplice, D, has fled overseas and remains at large, with prosecutors actively pursuing other potential suspects involved in the case. Both A and B have denied the charges during court proceedings.