Former Hydrogen Technology Corporation CEO Michael Caine has been sentenced to 45 months in prison for securities fraud involving cryptocurrency manipulation. His colleague Shane Hampton received 35 months for similar crimes. 🚨
For the first time, the court recognized cryptocurrency as a security and manipulation of cryptocurrency prices as securities fraud.
The SEC filed a lawsuit against Kane and Hydrogen Technology in September 2022, accusing the former CEO of using the company's market maker to manipulate the volume and price of the company's Hydro token (HYDRO).
This is the latest step by US authorities to combat cryptocurrencies, which the SEC considers securities.