On October 9, the U.S. Securities and Exchange Commission (SEC) filed a civil lawsuit in the District Court of Massachusetts against three cryptocurrency market makers, their related individuals, and another related cryptocurrency company, accusing them of fraud and conduct. Market manipulation. (Preliminary summary: Will 2025 usher in a turning point in encryption regulation? U.S. Senators: are building an army to support Crypto in Congress) (Background supplement: Are you afraid that Binance’s confidential belt will collapse the market? The U.S. court approved a protective order and strictly controlled the SEC’s lawsuit against Binance Information) Completed Just want to run away? As (Cointelegraph) reported earlier, the U.S. Securities and Exchange Commission (SEC) filed a civil lawsuit in the District Court of Massachusetts against three cryptocurrency market makers and their related individuals on October 9, accusing them of fraud and conduct. Market manipulation. The three cryptocurrency companies include Gotbit Consulting, ZM Quant Investment and CLS Global, and the U.S. Department of Justice (DOJ) and FBI are involved in investigations against them. Gotbit was accused of manipulating the market through wash trading. In these lawsuits, the SEC accused Gotbit and its marketing director Fedor Kedrov of manipulating the market through wash trading to create market illusions when promoting cryptocurrencies named Saitama and Robo Inu; ZM Quant Investment and CLS Global were also charged with almost the same charges, involving a cryptocurrency called NexFundAI. Meanwhile, Vy Pham, a Vietnamese citizen living in California, has been separately charged with issuing unregistered securities, committing fraud in securities offerings and market manipulation in the market manipulation case involving Saitama and Robo. Meanwhile, four people linked to Pham were separately indicted on similar charges. According to the complaint, the SEC seeks a permanent injunction against the defendants, disgorgement of their ill-gotten gains, interest, civil penalties, and a ban on certain defendants from serving as corporate officers and directors. More cryptocurrencies under investigation In addition, the FBI also stated in a separate statement that they are investigating more cryptocurrencies that may be problematic, including Saitama, SaitaRealty, SaitaChain, Robo Inu, VZZN, Lillian Finance and NexFundAI. The U.S. Department of Justice also stated that a total of 18 people are facing charges in this merger case, and in addition to the above three companies, another company called MyTrade MM has also been charged because they once provided services to NexFundAI. Related reports Buterin: US regulation is an "anarchic tyranny" and good-hearted project owners and developers are in dire straits! Can the (FIT21 Encryption Act) make the American Web3 industry great again? CFTC Commissioner: The regulatory process will be protracted and time-consuming.. Chairman of the U.S. CFTC: There will be a new round of cryptocurrency regulatory actions in the next two years, and he is not optimistic about the passage of the stable currency law. "Cutting leeks is being targeted." The SEC, FBI and the Department of Justice are cooperating in prosecutions 4 Cryptocurrency Companies: Involved in Market Manipulation and Fraud. This article was first published on BlockTempo (the most influential blockchain news media).

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