Federal prosecutors in Boston have taken unprecedented action, filing the first-ever criminal charges against financial firms involved in crypto market manipulation and wash trading.

A total of eighteen individuals and entities, including executives from prominent market-making firms like Gotbit, ZM Quant, CLS Global, and MyTrad, have been charged with large-scale fraud and manipulation.

Among those charged, four have already pleaded guilty, and one more has agreed to do so. Arrests have been made in Texas, the UK, and Portugal, and authorities have seized over $25 million in crypto assets. Additionally, trading bots responsible for fictitious trading across 60 digital assets have been shut down.

The indictment reveals that the defendants manipulated trading activity to falsely inflate the appearance of active markets, positioning the tokens as attractive investments.

This deceptive practice lured unsuspecting buyers, driving up asset prices, which the defendants then capitalized on by selling their holdings at inflated values.

#BinanceLaunchpoolSCR #BTC60KResistance #SCRLaunchpoolStarts! #moonbix #USCoreCPIUp