๐๐ธ Big news in the #crypto world! For the first time ever, a federal jury has classified a cryptocurrency (HYDRO) as a security and found price manipulation to be securities fraud.
๐จโโ๏ธ๐ The CEO and Head of Financial Engineering at Hydrogen Technology have been sentenced for their part in a $300M HYDRO crypto fraud scheme. They used a trading bot to manipulate prices and defraud investors.
๐๐ค From Oct 2018 to Apr 2019, they conducted $7M in wash trades and placed over $300M in spoof trades, leading to an approx. $2M profit over ten months.
๐ฅ Two additional co-conspirators have also been sentenced.
๐ฃ๏ธ What's your take on this landmark case? Let's discuss below! #DeFi #Web3 #DAO #Layer2.