2024

DeFi

Million

Coin

<ul class="wp-block-list news-points">
 <li><strong>The FBI has uncovered a “wash trading” syndicate.</strong></li>
 <li><strong>The syndicate comprised token developers, promoters, and market makers.</strong></li>
 <li><strong>Four of the arrested suspects have pleaded guilty.</strong></li>
</ul>
<p>The Federal Bureau of Investigation (FBI) has <a href="https://www.justice.gov/usao-ma/pr/eighteen-individuals-and-entities-charged-international-operation-targeting-widespread" target="_blank" rel="noopener noreferrer nofollow">exposed a wash trading operation</a> involving crypto token developers, promoters, and market makers. According to a report from the U.S. Department of Justice (DOJ), four cryptocurrency companies, four market makers, and their employees allegedly conspired to manipulate crypto users and steal substantial amounts of money.</p>
<p>Kaiko Research, the crypto data analysis firm, provided insights on how the FBI systematically tracked the suspects. According to Kaiko Research, the FBI created a DeFi firm, NexFundAI and released a native token, using the process to track and expose what the DOJ described as a first-of-a-kind occurrence in the crypto sector.&nbsp;</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">First a recap.<br><br>18 individuals and entities face charges after an FBI-led investigation. These individuals and their firms engaged in algorithmic wash trading, pump and dump schemes, and other manipulative tactics, often on DeFi exchanges like Uniswap.</p>— Kaiko (@KaikoData) <a href="https://twitter.com/KaikoData/status/1846955057935487096?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">October 17, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
<h2 class="wp-block-heading" id="h-fbi-exposes-wash-trading-tactics">FBI Exp…</h2>
<p>The post <a href="https://coinedition.com/fbi-takes-down-crypto-wash-trading-ring-seizes-25-million/" rel="noopener noreferrer nofollow">FBI Takes Down Crypto Wash Trading Ring Seizes $25 Million</a> appeared first on <a href="https://coinedition.com" rel="noopener noreferrer nofollow">Coin Edition</a>.</p>

FBI Takes Down Crypto Wash Trading Ring Seizes $25 Million

Table of Contents

Coin Edition

Other articles published on Oct 18, 2024

Hoppy token hits all-time high, rare pattern points to more gains

Canary Capital Second to File for XRP ETF

Elon Musk says “Make Games Great Again!”, speaking up for gamers

Potential Sell-Off? $16.7M in Seized PlusToken ETH Is on the Move

Evolution of The Digital Assets Driven by Blockchain

BREAKING: Kamala Harris Is Allegedly Considering Two Names To Replace Gary Gensler As SEC Chair –...

Join our free newsletter for daily crypto updates!