🚨Crypto Market Makers Indicted for the First Time in U.S. History 😱
In a groundbreaking move, federal prosecutors in Boston have filed criminal charges against crypto market makers for market manipulation and wash trading. Here’s what you need to know:
✅ Eighteen Individuals and Entities Charged:
Prominent firms like Gotbit, ZM Quant, CLS Global, and MyTrad are at the center of the investigation for large-scale fraud and manipulation.
✅ Guilty Pleas and Arrests:
Four defendants have already pleaded guilty, with another agreeing to do so.
Three arrests have been made in Texas, the UK, and Portugal.
Over $25M in crypto was seized, and trading bots responsible for manipulating 60+ digital assets were deactivated.
🎯 The Scheme:
The indictment reveals that the defendants artificially inflated trading activity, creating a false sense of demand. This tactic led investors to believe these tokens were promising, driving prices up, allowing the manipulators to sell off their holdings at inflated values.
💥 A Major Milestone:
This is a significant moment for crypto regulation, marking the first time market makers have been criminally charged in the U.S. The case signals a more aggressive stance against market manipulation in the digital asset space.
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