A UAE-based self-styled crypto market maker has admitted to orchestrating an elaborate wash trading scheme that fooled U.S. investors by generating millions in fake trading volume through automated self-dealing on Uniswap.
CLS Global is expected to plead guilty to market manipulation and wire fraud charges after falling for an FBI sting operation, federal prosecutors in Boston announced Wednesday.
Under the plea agreement, CLS Global is required to pay penalties and forfeited assets exceeding $428,000. The company will also face a total exclusion from U.S. crypto markets and must file annual compliance certifications.
In October last year, the FBI initiated “Operation Token Mirrors,” which was executed with the prospect of baiting and…
Apr 22 2025
