South Korea's Financial Supervisory Service Initiates Investigation into the Extreme Volatility of zkSync 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 the country's largest cryptocurrency exchange, Upbit. The investigation was triggered by an extremely unusual movement in the price, which soared by approximately 970% within just three hours before crashing. The Financial Supervisory Service's Virtual Asset Investigation Bureau, in an interview with the newspaper, stated, 'We are aware of the fact that zkSync recorded a rapid surge and fall of about 1000% in a short period. We are currently collecting relevant documents and reviewing the details.' The bureau is exploring the possibility of price manipulation and other unfair trading practices.