🚹Crypto Market Makers Indicted for the First Time in U.S. History đŸ˜±

In a groundbreaking move, federal prosecutors in Boston have filed criminal charges against crypto market makers for market manipulation and wash trading. Here’s what you need to know:

✅ Eighteen Individuals and Entities Charged:

Prominent firms like Gotbit, ZM Quant, CLS Global, and MyTrad are at the center of the investigation for large-scale fraud and manipulation.

✅ Guilty Pleas and Arrests:

Four defendants have already pleaded guilty, with another agreeing to do so.

Three arrests have been made in Texas, the UK, and Portugal.

Over $25M in crypto was seized, and trading bots responsible for manipulating 60+ digital assets were deactivated.

🎯 The Scheme:

The indictment reveals that the defendants artificially inflated trading activity, creating a false sense of demand. This tactic led investors to believe these tokens were promising, driving prices up, allowing the manipulators to sell off their holdings at inflated values.

đŸ’„ A Major Milestone:

This is a significant moment for crypto regulation, marking the first time market makers have been criminally charged in the U.S. The case signals a more aggressive stance against market manipulation in the digital asset space.

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