ChainThink report, April 13: According to the Korean Economic Daily, the Financial Services Commission (FSS) has publicly disclosed typical unfair trading practices in the cryptocurrency market involving API-driven automated order manipulation, and announced it will launch targeted investigations against accounts identified with excessive abnormal order activity.

The FSS stated that API trading currently accounts for over 30% of total transaction volume in South Korea's cryptocurrency market.

The FSS revealed four primary manipulation tactics: first, repeatedly executing small-market-value trades via API to create an illusion of high trading activity, while manually placing high-priced limit buy orders to artificially inflate prices, then selling upon retail investor participation for profit; second, pre-placing sell orders above current holding prices, followed by using API to continuously place high-priced limit buy orders to drive prices up to target levels before cashing out; third, repeatedly placing and canceling orders to fabricate false demand; fourth, using multiple accounts for wash trading to distort market dynamics. The FSS warns investors that price spikes are particularly common around exchange price reset intervals—periods when high-frequency API trading is concentrated—and urges heightened vigilance during these times. It also cautions that if an API Key is compromised, the holder may be inadvertently implicated as an accomplice in money laundering or other illicit activities.