10 Foreign Nationals Charged in FBI Operation Targeting Wash Trading Schemes
Ten individuals from various countries were indicted for running pump-and-dump schemes involving cryptocurrency wash trading, as part of an FBI operation.Summary
Federal grand juries have indicted ten executives and employees associated with cryptocurrency firms Gotbit, Vortex, Antier, and Contrarian for orchestrating pump-and-dump schemes that defrauded investors. The charges are the result of an undercover operation by the FBI and IRS Criminal Investigation, which created cryptocurrency tokens to expose illicit wash trading services. Wash trading, a form of market manipulation, involves creating artificial trading volume to mislead investors and distort prices. Three defendants were arrested and extradited from Singapore, while two have already pled guilty. The defendants, hailing from Russia, India, Taiwan, and Serbia, each face up to 20 years in prison and a $250,000 fine if convicted. Over $1 million in cryptocurrency has been seized.
(Source：BeInCrypto)