South Korea’s Financial Supervisory Service (FSS) is currently investigating the Coinone crypto exchange following a drastic price swing in the Movement token, sparking concerns over potential unfair trading practices.

Investigation into Coinone Exchange

A major investigation is underway into Korean crypto exchange Coinone after the price of the Movement token experienced a sudden and extreme fluctuation. The token’s price jumped 46,000 times higher before quickly falling back down, raising suspicions over potential unfair trades.

Background on the Movement Token

The Movement Network Foundation announced the token generation event of the Movement token (MOVE) on December 9. The token is built on the Movement blockchain and written in the Move programming language, initially developed for the Diem project (formerly Libra) by Facebook’s blockchain division.

On the same day, the Movement token’s price shot up from 215.3 won (around $0.15) to 998,500 won ($697) within minutes on Coinone, before dropping to 5,300 won shortly after.

Investigation Focus

The FSS is checking whether Coinone followed the correct procedures during the token listing event and if there were any unusual trades. The regulatory body is also reviewing how exactly Coinone listed the Movement token, as it started trading earlier than other Korean crypto exchanges like Upbit and Bithumb.

Tips for investors:

  • Always research the exchange and token before investing.
  • Be cautious of sudden and extreme price fluctuations.
  • Stay informed about regulatory updates and investigations in the crypto space.

“Regulatory bodies play a crucial role in maintaining fair trading practices in the crypto market. As an investor, it’s essential to stay informed about these developments to make informed decisions.”

Stay up-to-date with the latest news and developments in the crypto space on Global Crypto News.

Post Views: 1