#Crypto market makers indicted for the first time in US history

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✅ Federal prosecutors in Boston have filed the first-ever criminal charges against financial firms for crypto market manipulation and wash trading

✅ Eighteen individuals and entities have been charged with large-scale fraud and manipulation of the market, including the heads of market-making companies Gotbit, ZM Quant, CLS Global, MyTrad

✅ Four defendants pleaded guilty, and one other agreed to do so. Three were arrested in Texas, the UK and Portugal. More than $25M in crypto was seized, and trading bots responsible for fictitious trading for about 60 digital assets were deactivated.

🎯 According to the indictment, the defendants artificially inflated trading activity to create the appearance of active trading activity, which “helped position the tokens as good investments.” These deceptive practices allegedly attracted new buyers, which caused the asset prices to rise. The defendants then sold their tokens at high prices.