AVAIL Coin goes from 236 to 3,500 won in 18 minutes... Korea Financial Supervisory Service ”will investigate” allegations of abnormal transactions

Suspicions of irregular trading of "AVAIL," listed on the domestic virtual currency exchange Bithumb, have been raised again during a National Assembly audit, reported News 1.
"AVAIL" is a cryptocurrency that was newly listed on Bithumb at the end of July. When it was listed, its price jumped by about 1,383% in 18 minutes, causing problems.
In the process, suspicions were raised that Korean investors had suffered losses due to the involvement of foreign investment groups, which became a problem.
On the 17th, the Financial Supervisory Service was audited by the Government Affairs Committee, and the
Rep. Min Byeong-duk of the Democratic Party of Korea said, "After the Virtual Currency User Protection Act came into force on July 23, the price of AVAIL coin listed on Bithumb rose from 236 won (about 26 yen) to 3,500 won in 18 minutes.
"The next day it rose again to 284 won (approx. 31 yen), and now it's at 178 won (approx. 19 yen)," he said, raising suspicions of irregular trading.
The lawmaker was referring to a social media account named "Konmowe (the initials of black-haired foreigner)." At the time when AVAIL Coin suddenly rose and then crashed, a Twitter user called "Konmowe Capi"
An investor named "Tal" posted, "I love Koreans." This investor colluded with foreign investors to use the domestic exchange Bithumb as a liquidity window and siphon billions of won (
Regarding this, Financial Supervisory Service Director Lee Bok-hyun said, "We are also looking at the issues that have been pointed out."
The lawmaker also said, "Foreign investors cannot trade on domestic virtual currency exchanges, but foreigners are effectively trading under a different name.
He continued, "119 foreigners were recruited to Bithumb to carry out transactions under false names, and they took 3.6 billion won (approximately 400 million yen)," and "It was Korean investors who made the profits."
When the lawmaker said, "We must hold Bitham Exchange accountable for its irresponsible management," Lee Bok-hyun responded, "We have no right to hold Bitham accountable for its irresponsible management."
The tests are currently underway, so we will look into that aspect thoroughly."