Federal prosecutors have indicted two alleged market makers, several crypto projects, and more than a dozen individuals for manipulating crypto markets.

The documents allege that Gotbit and ZM Quant engaged in “wash trading” of tokens, creating the appearance of legitimate activity and selling them at inflated prices.

Gotbit and ZM Quant publicly claimed that their services were legal, but they offered illegal trading schemes to clients.

The tokens manipulated include Robo Inu, VZZN, NextFundAI, and Saitama. The founders of these projects are also charged.

The SEC has filed civil charges against Gotbit and its CEO, Fedor Kedrov.