FBI Creates Token To Catch Fraud
Blockchain Activity Surges 70% From AI dApps, Crypto Malware Infects 28K Users
The FBI has charged 14 individuals and 4 companies for market manipulation and 'wash trading', having seized $25 million.
The DOJ said that authorities even created a fake token to catch the criminals.
Charges were announced against companies MyTrade, CLS Global, ZM Quant, and Gotbit. They allegedly wash-traded tokens to inflate prices in pump and dump schemes. Feds have also targeted another company called Saitama.
The FBI's fake token is called NexFundAI, checking all the hype boxes in branding, and was part of the "Operation Token Mirrors".
The SEC also alleged in separate charges that Gotbit was manipulating markets by generating fake trading volume.
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