IMX token surges 35% within 6 hours: Price manipulation

Allegedly South Korean crypto Investors are manipulating the trade price of IMX token.

Immutable X is a layer-2 scaling solution built on the Ethereum blockchain, designed to enhance the performance of non-fungible tokens (NFTs) transactions via instant confirmations and low gas fees. IMX is the native token of this crypto protocol.

The current trade price of the IMX token is $0.72 & this trade price is 33.65% higher than the last 24 hours’ trade.

Chinese Crypto blogger Colin Wu reported that some big whales from the South Korean crypto community are manipulating the trade price of this token. 

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According to Colin, $8.1 million worth of IMX tokens were transferred to the top 5 major crypto exchanges, and just after that, the whole game of price manipulation started.

Korean traders are manipulating the price of IMX and driving a surge. Today, 10.95 million IMX ($8.1 million) flowed into Upbit from multiple CEXs such as Binance, OKX, Bybit, Cryptocom, Gate, etc. The price quickly rose from US$0.56 to US$1. https://t.co/JjUcqi7CKS

— Wu Blockchain (@WuBlockchain) September 21, 2023

All the crypto traders are requested to share this information, to remain away from any kind of fake price manipulation activity. 

Crypto & South Korea

South Korea is a crypto-aware country. In the last couple of years, Korean government agencies brought several rules against crypto companies, to combat any kind of potential crypto-related scam activities.

Recently the Korean National Taxation Bureau published a report and confirmed that Korean companies and individuals hold nearly $98.3 billion worth of crypto assets. 

Notably this amount is only that crypto holding, which was disclosed by companies & individuals with the TAX govt agency. So we can expect more than $100 billion worth of funds held by Korean citizens.

The latest report released by the Korean National Taxation Bureau shows that the declared cryptocurrency holdings of Korean companies and individuals are as high as 98.3 billion U.S. dollars; 73 companies, including exchanges, account for 92%. Authorities in South Korea have not…

— Wu Blockchain (@WuBlockchain) September 21, 2023

In the upcoming years, South Korea will implement new rules for this sector e.g. new regulatory policies as well as new taxation rules. 

In 2022, Korean regulators planned to implement new rules but postponed because of the political agendas & immature phase of this innovative sector.

Read also: US presidential candidate Ramaswamy plans comprehensive crypto policy framework launch

IMX token surges 35% within 6 hours: Price manipulation

 

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