South Korea Launches Probe into ZKsync’s 970% Upbit Price Spike

• ZKsync surged nearly 1,000% on Upbit during a system maintenance period on Feb. 1.
• South Korea’s Financial Supervisory Service launched a preliminary investigation.
• Authorities suspect coordinated trading that exploited low market liquidity.

South Korean regulators have opened a probe into a sharp ZKsync price surge on Upbit. The token climbed nearly 970% during a brief maintenance window on Feb. 1 on the country’s dominant exchange. Following this surge, the Financial Supervisory Service is examining whether coordinated trading caused the price swing.

Sudden Price Spike During Maintenance

ZKsync traded near $0.023 early Sunday morning, South Korean time, before Upbit began scheduled system maintenance. At about 11:30 a.m., shortly before the maintenance window started, the token’s price jumped sharply to around $0.24. 

By roughly 6:30 p.m., when normal t…

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