The U.S. federal government announced Wednesday that it has charged four crypto firms and 14 individuals with cryptocurrency market manipulation in what's being billed as the first case of its kind.

Prosecutors charged companies Gotbit, ZM Quant, CLS Global, and MyTrade with charges. In one of the indictments against ZM Quant, prosecutors alleged that those behind the project "conspired to manipulate the trading volume" of various cryptocurrencies to profit.

Editor's note: This is a breaking news story and will be updated with additional details.