Two South Korean individuals have been arrested for allegedly manipulating the price of the Fusionist token, ACE, on the crypto exchange Bithumb. The CEO of virtual asset operator M, Lee, and a former employee of M, Kang, were charged with price manipulation and violating the South Korean Virtual Asset User Protection Act. They allegedly sold 1.22 million ACE tokens and made a profit of $4.8 million by submitting fake buy and sell orders to inflate the ACE price. The South Korean Financial Services Commission categorized this case as a top priority and placed it on the "Fast Track" for processing. The Fusionist token has seen a significant decrease in its trading volume over the past year. ACE currently has a market cap of approximately $92 million and a fully diluted valuation of $319 million.



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