As a researcher with extensive experience in the cryptocurrency market, I find the ongoing investigation into Coinone exchange over the Movement token price swings particularly intriguing. This isn’t my first rodeo in the volatile world of crypto, and I’ve seen my fair share of sudden jumps and drops. However, a 46,000-fold increase within minutes is something that even this seasoned observer can’t help but raise an eyebrow at.
The financial regulatory body of South Korea is currently scrutinizing the Coinone cryptocurrency exchange due to significant fluctuations in the price of Movement’s token, sparking worries about any possible instances of unjust trading practices.
An in-depth probe is currently being conducted on the South Korean cryptocurrency platform, Coinone, following an unexpected and drastic change in the value of the MOVE token, as detailed in a report from South Korean media source MTN.
According to reports, it appears that the Financial Supervisory Service is investigating if any trades on the cryptocurrency exchange Coinone were unjustly manipulated. This investigation comes after a dramatic price increase of MOVE by approximately 46,000 times, followed by a rapid decline in price.
December 9th saw the announcement of Movement Network Foundation about their Token Generation Event for the MOVE token. This token operates on the Movement blockchain, utilizing the Move programming language that was originally designed by Facebook’s blockchain team for the Diem (previously known as Libra) project.
On the very same day, the value of Movement rapidly escalated from approximately $0.15 (215.3 won) to an astounding $697 (998,500 won) on Coinone within mere minutes. However, this peak was short-lived as it dipped down to 5,300 won shortly after. MTN has alleged this occurrence. Now, the Financial Services Commission is scrutinizing whether the exchange adhered to proper protocols during this incident and if there were any suspicious transactions involved.
It’s worth noting that the Financial Services Commission (FSS) is scrutinizing the circumstances surrounding Coinone’s early listing of Movement tokens, a situation which has occurred before other major South Korean crypto exchanges such as Upbit and Bithumb. This review sparks questions about the fairness of the token listing process.
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2024-12-12 12:53