Odaily Planet Daily News: The Financial Services Commission (FSC) of South Korea reported the first unfair trading case after the implementation of the Virtual Asset User Protection Act. The bill, which came into effect in July 2024, requires local virtual asset service providers (VASPs) to report abnormal transactions and investigate unfair trading patterns. According to the FSC, the suspect used a "pump and dump" method to manipulate the market, artificially raising the price of a certain cryptocurrency by initiating multiple buy orders, and then selling a large amount of pre-purchased assets. The entire manipulation process is usually completed within 10 minutes, resulting in drastic fluctuations in the price of the underlying assets, and illegal profits of hundreds of millions of won in one month. (Cointelegraph)