Noh Woong-rae calls for thorough investigation into Decargo coin circulation

Rep. Noh Ung-rae of the Democratic Party of Korea announced on the 25th that he would define the recent ‘decargo coin circulation undisclosed’ as an act of clear market disturbance and call for a thorough investigation of those involved. In addition, he insisted on the establishment of a specialized digital asset management and supervision organization.

According to Rep. Noh Woong-rae, the price of Decargo Coin rose more than 100% in a week due to the recent news of Kakao Pay listing, but then plunged by more than 40% again within a week. As a result, suspicions of market manipulation were raised, centered on investors, that ‘the Decargo development team realized a large-scale profit in line with the listing time.’ This issue was also officially pointed out at the virtual asset law public hearing held at the National Assembly.

Rep. Noh Woong-rae criticized, “In particular, the coin development team and Upbit shifted responsibility for the fact that the distribution volume was not notified in advance, and only the investors who were concerned are suffering damage.”

Rep. Noh said, “If Upbit was unaware of the change in coin circulation in advance, it would be incompetent, and if it knew and did not take any action, it should be regarded as effectively cooperating.” The behavior is very antinomy.”

He said, “Not only this case, but also the problem of coin trading and price manipulation have been pointed out before, but the financial authorities have been neglecting the situation just because it is not a financial product,” he said. Therefore, it is necessary to actively protect investors by establishing the ‘Digital Asset Management Supervisory Service’, a supervisory agency specializing in virtual assets.”

Reporter Hanna Yang Bloomingbit sheep@bloomingbit.io

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