The Financial Supervisory Service (South Korea’s main financial regulator) is investigating possible manipulation after zkSync rose sharply before a steep drop.
The Financial Supervisory Service of South Korea has opened an investigation into unusual trading activity involving zkSync on cryptocurrency exchange Upbit. The token’s price surged approximately 970% within three hours before experiencing a rapid decline. Authorities aim to determine whether price manipulation or other unfair trading practices were involved. This move reflects increased regulatory scrutiny in the country’s rapidly growing digital asset market.