[South Korea's First Case of Violation of the 'Virtual Asset User Protection Act' Sentenced, Main Offender Sentenced to 3 Years for Price Manipulation] According to Yonhap News Agency, South Korea's first case of violation of the 'Virtual Asset User Protection Act' has been sentenced. The Seoul Southern District Court sentenced the CEO of a cryptocurrency trading company to 3 years in prison for manipulating coin prices, along with a fine of 500 million won (approximately $385,000) and the confiscation of approximately 846 million won (approximately $650,000). However, considering Lee's active cooperation during the trial and his prior detention, the court decided not to revoke his bail and did not detain him. The court found that between July and October 2024, he used automated trading programs to inflate trading volumes and repeatedly placed fake buy orders to manipulate prices, resulting in illicit gains of approximately 7.1 billion won (approximately $5.46 million). This case marks the first case transferred by prosecutors through the financial regulatory 'fast-track' system since the law came into effect in July 2024.