Crypto ‘market maker’ caught wash-trading a token created by feds
Shortly after 3pm today in Boston, prosecutors charged 14 individuals with federal crimes involving at least four crypto companies: GotBit, CLS Global, MyTrade, and ZM Quant. According to the indictment, this enforcement action is “the first criminal prosecution of financial services firms for market manipulation and sham trading in the crypto sector.”
Employees at MyTrade, ZM Quant, and CLS Global were so eager to take on new clients that they even started to wash trade a token created by feds, NexFundAI. Caught red-handed in the act, law enforcement stepped in to shut down their trading accounts.
Allegedly, the targets of this indictment engaged in widespread fraud and manipulation of crypto asset prices by, among other things,…
