FBI creates token to expose crypto fraud ring
The operation uncovered pump-and-dump schemes and wash trading, leading to the seizure of over $25 million in cryptocurrency and the shutdown of several market-manipulating bots.
The FBI has successfully orchestrated a crypto sting operation using a token it created to investigate market manipulation. The NexFundAI Token, launched on the Ethereum blockchain, was part of the operation that led to the indictment of 18 individuals and entities for their involvement in fraudulent activities.
The investigation uncovered a sophisticated scheme involving pump-and-dump operations and wash trading, which artificially inflated token prices. Over $25 million worth of cryptocurrency was seized, and several…
