🚨 Upbit's shocking spike: ZKsync skyrocketed 2000% in three hours before crashing, and South Korean regulators intervene in the investigation!
The South Korean cryptocurrency market has drawn attention once again. The Financial Supervisory Service (FSS) has officially begun an investigation into the local largest exchange, Upbit, due to extreme price fluctuations of the ZKsync (ZK) token.
📌 Incident Review:
Between January 31, 2026, and February 1, 2026, the ZK token experienced a frenzied market:
📈 ZK/KRW (Korean Won trading pair) surged by 1000%.
🚀 The ZK/USDT trading pair skyrocketed over 2000%, with the price jumping from $0.03 to $0.6.
📉 After peaking, the price crashed instantly, returning to the starting point.
🤔 Doubts abound:
This wild "roller coaster" market lasted only three hours and coincided with the exchange's technical maintenance period.
⚠️ Market questions manipulation:
The community speculates that this could be a carefully planned manipulation: during the maintenance period, liquidity was scarce, and manipulators inflated prices through large buy orders, creating false demand. Once trading resumed normally, the manipulators quickly sold off to cash out (Dump), trapping retail investors.
⚖️ Regulatory action:
The FSS's virtual asset investigation department is collecting transaction records and related documents. Once market manipulation is confirmed, related traders or exchanges will face severe penalties under South Korean law.
Cryptocurrency carries risks, and be cautious when chasing uptrends! Please pay attention to abnormal liquidity risks.🛡️
#ZKsync #Upbit #韩国监管 #市场操纵 #ZK
