The first perpetrator of virtual asset manipulation in South Korea has been released on bail, having illegally profited approximately $5.2 million

According to South Korean media reports, the first case in South Korea where the main culprit A and accomplice B were charged with manipulating virtual asset prices has recently been granted bail by the court. According to the prosecution's allegations, they traded approximately 1.22 million C coins through false buying and selling orders, and illegally profited approximately 7.1 billion Korean won (approximately 5.2 million US dollars) from it. This case is the first major criminal case to be exposed after the implementation of the Virtual Asset User Protection Law last year. However, some industry insiders have expressed concerns about the bail decision, believing that it may lead to the destruction of evidence or further criminal activity, especially as there may be clues to other unlisted tokens in A's computer. In addition, another accomplice in the case, D, has fled overseas and has not yet been arrested. The prosecutor is investigating more potential suspects. Both A and B denied the allegations during the trial.