JPYC suspends Ethereum network issuance amid suspected arbitrage anomalies

JPYC (JPYC株式会社) has temporarily suspended issuance reservations for JPYC on the Ethereum network while an investigation is underway. Users reported issues with issuance and KYC processes, raising concerns about potential limitations on other chains like Polygon. The suspension follows reports of abnormal price spikes for JPYC on the secondary market, where a 100 million JPYC trade allegedly yielded an arbitrage profit of approximately 3.31 million yen, sparking debate over the project's pricing mechanism and centralized control. The company stated it will provide updates on the resumption of services once details are clarified.