A South Korean cryptocurrency management firm's CEO has been sentenced to three years in prison for manipulating market prices, resulting in illegal gains exceeding $5 million. According to NS3.AI, this case marks the first conviction under South Korea’s Virtual Asset User Protection Act, which has been in effect since July 2024. The Financial Supervisory Service swiftly forwarded the case to prosecutors, leading to fines and asset forfeiture in addition to the prison sentence.