- The South Korean National Assembly is probing into the altcoin AVAIL’s trading on Bithumb in July.
- Lawmaker Min Byeong-deok will address AVAIL as the “second Burger Coin” during the Political Affairs Committee today.
- The term was first used by the lawmaker to refer to the circulation issues concerning the SUI token.
The South Korean National Assembly is reportedly planning a detailed investigation into the altcoin AVAIL over price manipulation concerns. Democratic Party of Korea lawmaker Min Byeong-deok plans to call the AVAIL token the “second Burger Coin” during Thursday’s Political Affairs Committee meeting. South Korean regulators will examine AVAIL’s transactions on the Bithumb exchange in July.
Byeong-deok first used the term “Burger Coin” last year to describe the SUI coin, which faced scrutiny because the foreign-issued token was being traded domestically. Now, the term is being applied to the AVAIL token. The legislator said:
“October 17’s audit will let us address the recent controversy over AVAIL prices, as well as listing beam and manipulation suspicions on Bithumb, a platform that lists AVAIL.”
“Listing Beam” and “Burger Coin”
“Listing beam” refers to the phenomenon of a new coin’s price rapidly increasing after being listed on an exchange, followed by a sudden drop, leading to significant losses. The term “burger coin” distinguishes tokens like AVAIL and SUI from “kimchi coins.” Kimchi coins are low-cap domestic coins, while “burger coins” are foreign tokens traded on domestic exchanges.
Under the Virtual Asset Protection Act, the South Korean regulators initiated an investigation into the suspicious AVAIL trading activities on Bithumb.
Read also: South Korea Investigates KOK Token Crash, $3 Billion Lost
The investigation will focus on AVAIL’s price fluctuations on Bithumb on July 23-24, when the token surged by as much as 1383% in just 15 minutes. AVAIL, which was priced at $0.17 at 10:00 pm on July 23, jumped to $2.56 in 15 minutes. Reports suggest regulators believe an unnamed investor may have engaged in suspicious trading activities.
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