South Korean National Assembly to Probe Altcoin AVAIL ‘Price Manipulation’ Case
Tim Alper is a British journalist and features writer who has worked at Cryptonews.com since 2018. He has written for media outlets such as the BBC, the Guardian, and Chosun Ilbo. He has also worked...
The South Korean National Assembly is set to investigate transactions involving the altcoin AVAIL on the crypto exchange Bithumb in July amid “price manipulation” suspicions.
Per Bloomingbit/Hanguk Kyungjae, lawmaker Min Byeong-deok, of the Democratic Party of Korea, will bring the case before an audit held by the Political Affairs Committee on October 17.
Min has labeled the token a “burger coin,” a variation on the moniker “kimchi coin.” Whereas the term kimchi coin refers to low-cap domestic altcoins, “burger coins” are tokens “issued overseas but listed on domestic crypto exchanges.“
Min was the first to coin the term at an audit last year. That audit focused on “circulation issues” connected with the SUI coin.
“October 17’s audit will let us address the recent controversy over AVAIL prices, as well as listing beam and manipulation suspicions on Bithumb, a platform that lists AVAIL.”
The term “listing beam” refers to a phenomenon whereby the price of newly listed coins rises sharply immediately after listing before falling quickly.
The regulatory Financial Supervisory Service launched its own probe into the coin in early August after a flurry of suspicious transactions in late July.
The FSS thinks an unnamed investor bought “a large amount of AVAIL from overseas vendors” and then “led trading on Bithumb” on July 23.
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