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02/03 14:00

ZKsync Price Manipulation Probe: South Korean Regu

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ZKsync Price Manipulation Probe: South Korean Regulator Scrutinizes Upbit’s 1000% Volatility Surge SEOUL, South Korea – February 2025 – South Korea’s Financial Supervisory Service has initiated a preliminary market surveillance review into ZKsync’s extraordinary 1000% price swing on the Upbit exchange, marking another significant regulatory action in Asia’s evolving cryptocurrency landscape. The investigation follows unprecedented volatility that triggered widespread allegations of market manipulation within the global crypto community, highlighting growing regulatory concerns about exchange integrity and investor protection. ZKsync Price Manipulation Allegations Trigger Regulatory Response The Financial Supervisory Service’s Virtual Asset Investigation Bureau confirmed its preliminary review on February 3, 2025, following reports from the Korea Economic Daily. According to official statements, the bureau is “currently securing related data and reviewing the details” of the February 1 incident. The regulatory body emphasized that this preliminary examination could escalate to a formal investigation depending on severity assessment findings. This development represents South Korea’s continued aggressive stance toward cryptocurrency market oversight since implementing its comprehensive Virtual Asset User Protection Act in 2024. Market surveillance experts note that preliminary reviews typically involve: Transaction data analysis from the exchange and related wallets Order book reconstruction during the volatility period Cross-exchange comparison of trading patterns Wallet address tracing for potential coordinated activity The incident occurred during Upbit’s scheduled system maintenance window, raising additional questions about exchange infrastructure and market fairness. Meanwhile, blockchain analysts observ

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