Democratic Party of Korea lawmaker Min Byeong-deok plans to call the AVAIL token the “second Burger Coin” during Thursday's Political Affairs Committee meeting.
South Korean lawmakers will reportedly investigate the altcoin AVAIL over concerns about price manipulation. The investigation will focus on AVAIL's price movements on the Bithumb exchange in July, when the token surged by as much as 1,383% in just 15 minutes.
The massive surge in AVAIL's price occurred on July 23-24, with the token rising from $0.17 at 10:00 pm on July 23 to $2.56 in 15 minutes, according to a report by Coin Edition.
The South Korean regulators are investigating the suspicious trading activities on Bithumb, which also led to a surge in trading volume for the exchange. The investigation will be conducted by the Virtual Asset Investigation Team of the Financial Investigation Division of the Seoul Metropolitan Police Agency.
The regulators are reportedly focusing on the possibility that an unidentified investor may have engaged in suspicious trading activities, which could have contributed to the massive surge in AVAIL's price.
The investigation is part of a broader effort by South Korean authorities to crack down on illegal activities in the cryptocurrency market. In recent months, several cases of fraud and manipulation have been uncovered, prompting the government to take steps to strengthen regulations.
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