- 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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