Why do journalists and officials manipulate the Korean market?

According to a South Korean opposition official, some journalists and officials used the "time difference" to manipulate market transactions after the news that the government announced last week that it was forbidden to encrypt digital currency transactions. According to the evidence provided by legislators, some journalists and officials have as much as 40 minutes to buy bitcoin before the price of bitcoin reverses and rebounds.

South Korea's digital currency ban led to market manipulation.

Ha Tae-keung, the official representative of South Korea, criticized the previous announcement of digital currency by regulators at a news conference held by the South Korean National Assembly. According to South Korea's Asian Economic Daily, Ha Taiqiang was quoted as saying:

"The government intervened in the virtual currency market, which led to the market being manipulated."

South Korea's Central Daily News reported that:

"The Korean opposition party hospital criticized the government for announcing the bitcoin ban, saying that the government gave journalists and officials 40 minutes to buy encrypted digital currency."

According to Ha Taiqiang's explanation:

"At 9: 00 am last Monday, the government informed reporters that the digital currency ban was coming, and then announced the lifting of the ban at 9: 40 am."

Before the formal ban was issued, digital currency traders learned that regulators might ban the encryption of digital currency transactions. However, it was later reported that Chung Ki-joon, the head of economic policy coordination of South Korea's prime minister, was prepared to announce the abandonment of the ban. At that time, the news said:

"The South Korean government will announce at 9: 40am on Monday that it will change digital currency's regulatory stance and will not close the encrypted digital currency transaction. As long as someone knows the news in advance, it is expected that the price in digital currency will rebound, so you can use the time difference to buy at a low price. "

Ha is too strong to say:

"The South Korean government sent a short message to reporters, saying that they would soon announce the lifting of the ban on digital currency, but the news was not disclosed to the public, so the market began to rebound afterwards. When the news media began to publish announcements and updates at 9: 40 am, the market price had reached a high level. "

Incomplete disclosure of government information leads to damage to people's property.

South Korean economic media Etoday quoted Ha Taiqiang as saying:

"I analyzed the press release of the government's ban on digital currency according to the time node, and confirmed that the market price had changed greatly 40 minutes before the contact ban."

According to the above figure, at 9: 40 a.m. shortly before the ban was announced, the transaction price of Bitcoin was 654.38+0907 million won (the total was 654.38+07.864 USD), and the price of Bitcoin had risen to 654.38+0946 million won. As of 10 that morning, the price of Bitcoin has reached its peak, approaching 20 million won.

South Korea's Central Daily News quoted Ha Taiqiang as saying:

"Before the official announcement of the lifting of the ban, public officials should be prohibited from contacting information that affects citizens' property. "

In addition, Etoday also quoted Ha Taiqiang as saying:

"Government information will cause huge fluctuations in the virtual currency market, and information should be fully disclosed. Because the South Korean government issued the digital currency ban this time, many people's property suffered huge losses. "