Fake crypto token leveraged by FBI in crypto fraud crackdown
Cryptocurrency market makers CLS Global, MyTrade, and ZM Quant, and 15 other organizations and associated individuals have been arrested and charged over large-scale digital asset market manipulation schemes following an operation led by the FBI, which was able to crack down on the firms and individuals through the creation of the fake cryptocurrency token and firm NexFundAI, The Hacker News reports.
Fraudulent crypto token trades have allegedly been conducted by the indicted firms and individuals to lure more investors, according to the Justice Department, which noted the sequestration of over $25 million worth of cryptocurrency and several wash trading bots as part of the operation. “Today’s enforcement actions demonstrate, once…
