South Korea probes 70% Bitcoin trading concentration on Bithumb

South Korea’s Financial Supervisory Service is investigating unusual trading on Bithumb, where up to 70% of Bitcoin trading was concentrated in 10 accounts. This concentration occurred as Bitcoin prices surged from around 91000000 won to over 100000000 won in two days on August 19. The top 10 accounts' share of Bithumb’s total Bitcoin trading value rose significantly from a typical 30% to 70%. The pattern suggests potential unfair trading practices aimed at inflating volume or buying interest to attract retail investors. The Financial Supervisory Service has deemed this concentration unusual and requested a list of top traders and raw trading data from Bithumb. The regulator is also investigating why Bithumb waived fees for API trading during this concentrated trading period.

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