South Korea's Financial Services Commission (FSC) has referred two cases of suspected cryptocurrency market manipulation to prosecutors. The first case involves a digital asset listed on both domestic and international exchanges, where the suspect allegedly manipulated prices through cross-market arbitrage, resulting in significant losses for South Korean investors. The second case concerns ultra-short-term manipulation of a 'kimchi coin,' where the suspect used rapid buy and sell orders to artificially inflate prices before cashing out. The FSC has urged investors to be cautious of digital assets with unexplained price and volume surges. It also plans to enhance transparency by improving the disclosure of large investors' position changes and strengthening the market warning system.