FBI Creates Its Own Crypto Token to Target Market Manipulators
The US Federal Bureau of Investigation (FBI) has created its own cryptocurrency token to trap suspects in fraud schemes.
NexFundAI, which operated on the Ethereum blockchain, was created by the bureau to catch illicit market makers and manipulators. The token was presented as an opportunity to invest in early-stage artificial intelligence (AI) projects.
According to the Securities and Exchange Commission (SEC), market maker ZM Quant was hired to support NexFundAI trading. The firm advised NexFundAI’s backers how to artificially inflate the token’s price before “cashing out at the peaks.”
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