SEC Exposes Massive Crypto Market Manipulation Scheme
U.S. authorities, including the Securities and Exchange Commission (SEC), the Federal Bureau of Investigation (FBI), and the Department of Justice (DOJ), have charged Gotbit and four other crypto firms with widespread market manipulation.
The charges also roped in several individuals who worked for the offending organizations.
Market Makers Accused of Running Wash Trading Scheme
According to a statement the SEC issued on October 9, Gotbit, ZM Quant, CLS Global, and MyTrade MM used bots to inflate trading volumes on centralized exchanges (CEXs) through wash trading.
A parallel statement from the Massachusetts U.S. Attorney’s office included popular meme coin projects Saitama and Robo Inu among those with complaints…
