South Korea's Financial Services Commission (FSC) has reported its first case of unfair trading under the Virtual Asset User Protection Act, which came into effect in July 2024 and requires local virtual asset service providers (VASPs) to report unusual trading and investigate unfair trading patterns. According to the FSC, the suspects used a "pump and dump" technique to manipulate the market by initiating multiple payers to raise the price of a cryptocurrency artificially, and then selling a large amount of pre-purchased assets. The entire manipulation process is usually completed within 10 minutes, resulting in wild fluctuations in the price of the underlying asset, and illegal profits of hundreds of millions of won within a month.