The Seoul prosecutors have arrested two suspects accused of manipulating the price of the ACE token on Bithumb, marking the first violation case following South Korea's newly implemented "Virtual Asset User Protection Act." The suspects allegedly inflated trading volumes by falsifying purchase orders, illegally profiting approximately 7 billion KRW (about 4.76 million USD). The ACE trading volume and price data displayed on the Bithumb website are consistent with the data released by the prosecution.

PANews reported on January 3 that according to Digital Asset, prosecutors in Seoul, South Korea, arrested two suspects in their 30s and 20s today. This seems to be the first violation case after the enactment of South Korea's newly implemented "Virtual Asset User Protection Act". They are accused of manipulating the price of Fusionist (ACE), a cryptocurrency listed only on the local exchange Bithumb. They exaggerated the trading volume by forging purchase orders and made illegal profits of about 7 billion won (about 4.76 million US dollars). The media pointed out that the ACE trading volume and price data displayed on the Bithumb website are consistent with the data in the announcement released by the prosecution.

South Korea's First Violation of Virtual Asset Law: Two People Arrested for Manipulating ACE Token Prices