South Korea is keeping a close eye on the ZK token after it saw a massive price surge on Upbit.
The country's Financial Supervisory Service (FSS) announced it's closely monitoring trading activity around ZK on Upbit, South Korea's biggest crypto exchange, following extreme volatility in a very short time.
On February 1, ZK shot up nearly 1,000% in roughly three hours, climbing from about 33 KRW to a high of around 350 KRW before quickly reversing and dropping sharply. The rapid move has sparked worries about potential price manipulation and the risks it poses to regular retail traders.
The FSS is now watching ZK-related market activity and other unusual patterns closely, as regulators in South Korea continue tightening oversight of digital assets to reduce excessive speculation and better protect investors.
