The Bithumb market manipulation case in South Korea has drawn attention to potential on-chain evidence. In 2025, two individuals were arrested for allegedly manipulating the Fusionist token (ACE) price on Bithumb, gaining nearly $5 million. Blockchain data analysis could reveal suspicious transaction patterns, such as wash trading or coordinated trades, as all transactions are immutable and publicly verifiable. Earlier probes into Bithumb’s affiliates, like Vidente and Bucket Studio, also pointed to stock price manipulation and embezzlement, with on-chain records potentially exposing fraudulent transfers. South Korean authorities are leveraging blockchain’s transparency to trace illicit activities, though sophisticated schemes may challenge detection tools. Ongoing investigations highlight the need for advanced AI models to monitor crypto markets effectively.