Domestic virtual asset exchange Upbit listed a kimchi coin in won despite past allegations of price manipulation, drawing criticism that it "puts fee revenue ahead of consumer safety." Upbit has simplified its listing application process, and more coin listings are expected.
On the 11th, according to the virtual asset industry, Upbit from the previous day supported transactions for Bifrost (BFC) in the won market and the Tether (USDT) market. Bifrost had been listed on the Bitcoin (BTC) market, but the door to the won market was opened to make it easier for more investors to use. The won market is a market where virtual assets can be bought with won, and the Bitcoin market is a market where they can be bought with Bitcoin. After its won market listing, Bifrost surged 260% and then plunged more than 90%.
Bifrost was developed by the domestic Blockchain technology corporations Pylab Technology, and Park Do-hyeon, the head of Pylab Technology, operates the Bifrost Foundation.
Bifrost faced allegations of price manipulation in 2022. Team allocations (about 6 million) distributed from the foundation wallet moved to a specific wallet, and when it was revealed that the wallet was Bifrost's market maker (MM) account, allegations arose that the foundation was systematically involved in price manipulation.
Park acknowledged that the account in question was indeed an account operated by the market maker, but explained it had a legitimate purpose of filling initial liquidity (order book) at overseas exchange listings. However, allegations that the foundation took profits by selling at the peak remain unresolved.
At the time, Bifrost was listed on the Bitcoin markets of Upbit and Bithumb. The two exchanges said they were closely watching the foundation's alleged price manipulation, but there were no particular actions. Bifrost was later listed on Bithumb's won market in Aug. 2021.
Currently, domestic virtual asset exchanges are racing to list various coins. Exchanges rely primarily on fees generated from transactions as their main revenue source. But there is criticism that indiscriminate listings for fee revenue are putting user protection on the back burner.
Upbit's won listings are expected to accelerate. Until now, virtual asset foundations needed separate application procedures to list on Upbit, but on the previous day Upbit announced that it had integrated all procedures into a single platform, including ▲ filling out a virtual asset transaction support application ▲ submitting materials ▲ submitting additional materials ▲ communications during the review process.