Golden Finance reported that South Korea’s Financial Services Commission (FSC) reported the first unfair transaction case after the implementation of the Virtual Asset User Protection Act. The bill, which takes effect in July 2024, requires local virtual asset service providers (VASPs) to report unusual transactions and investigate unfair trading patterns. According to the FSC, the suspect used the "pump and dump" technique to manipulate the market, artificially raising the price of a cryptocurrency by initiating multiple buy orders, and then selling off a large number of assets purchased in advance. The entire manipulation process is usually completed within 10 minutes, resulting in violent fluctuations in the price of the underlying asset and illegal profits of hundreds of millions of won within a month.