US indicts 10 foreign nationals for alleged crypto wash trading scheme
Ten foreign nationals associated with crypto firms were indicted for allegedly inflating trading volumes through wash trading schemes.Summary
U.S. federal grand juries have indicted ten foreign nationals linked to crypto market makers for orchestrating wash trading schemes to artificially inflate cryptocurrency trading volumes and prices. Executives and employees from four firms – Gotbit, Vortex, Antier, and Contrarian – were charged with causing losses to investors. Three defendants were arrested and extradited from Singapore, while others have appeared in federal court in Oakland. Prosecutors allege the defendants created a false appearance of active trading, attracting unsuspecting investors to overvalued crypto assets. Over $1 million in crypto has been seized, and convictions could result in up to 20 years in prison and $250,000 in fines per violation. Several individuals have already pleaded guilty and been sentenced, including Gotbit founder Aleksei Andriunin.
(Source：The Block)