New partnership targets sophisticated crypto market abuses in South Korea
( June 27, 2024, 06:18 GMT | Official Statement) -- MLex Summary: Unfair trade practices in South Korea's virtual asset market are set to face increased scrutiny through a new cooperative effort. The Financial Supervisory Service said today it has signed a Memorandum of Understanding with the Korea Internet & Security Agency to collaborate on investigations into cryptocurrency-related market abuses. The partnership, which comes ahead of the implementation of new regulations in July, aims to address the growing concern over market manipulation and fraudulent activities that leverage IT technologies in the virtual asset sector. Specific cases highlighted include Distributed Denial of Service attacks disguised as network issues to manipulate coin prices and hidden smart contract codes that allow arbitrary manipulation of coin circulation contrary to published whitepapers. The two agencies will share information, conduct joint investigations and potentially exchange personnel and training to combat sophisticated cyber-enabled trading abuses.The statement, in Korean, is attached....
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