The FBI made a cryptocurrency to catch crypto scammers
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U.S. authorities are cracking down on crypto scammers by turning their own tactics against them. For the first time, the Federal Bureau of Investigation has disclosed that it created a cryptocurrency to bait and capture fraudsters.
The FBI claims the strategy worked, spurring market-manipulation and fraud charges against several crypto companies, including Gotbit, CLS Global, MyTrade, and ZM Quant, as well as 18 individuals. The agency says it seized more than $25 million in crypto, and several trading bots that were allegedly manipulating around 60 cryptocurrencies were shut down.
“What the FBI…
