South Korea's Financial Supervisory Service Initiates Investigation into zkSync's Sudden Surge and Crash on Upbit

According to a report by the Korea Economic Daily on the 3rd, the Financial Supervisory Service of South Korea has commenced an investigation into the abnormal price fluctuations of zkSync (ZK) listed on Upbit, the country's largest cryptocurrency exchange. The investigation was triggered by an extremely unusual price movement, which saw a surge of approximately 970% in just three hours followed by a sharp decline. The Financial Supervisory Service's Virtual Asset Investigation Bureau has started measures to verify the possibility of price manipulation and other unfair trading practices.

In an interview with the newspaper, the Virtual Asset Investigation Bureau stated, 'We are aware of the fact that zkSync recorded a sudden surge and crash of about 1000% in a short period. We are currently collecting relevant documents and reviewing the details of the case, but...