FBI Creates Ethereum-Based Token in Crypto Market Manipulation Investigation
In a groundbreaking operation, the U.S. Federal Bureau of Investigation (FBI) has exposed an alleged widespread crypto market manipulation scheme involving 18 individuals and four major crypto firms. The case’s investigation saw the agency launch its own Ethereum-based token called NexFundAI.
The indictment, unsealed in a Boston federal court, alleges that the defendants engaged in “wash trading” and other deceptive tactics to inflate the value of various crypto tokens. Wash trading is the practice of creating artificial trading activity to mislead investors, where the same entity both buys and sells an asset to create the illusion of high demand. The FBI’s token was launched in a bid to…
