🚨 HMSTR Token Scam Alert 🚨

In a significant development, Gotbit CEO Alexey Andryunin has been arrested in Portugal at the FBI's request and is now awaiting extradition to the U.S.

🐹 Gotbit Hedge Fund, which partnered with Hamster Kombat as the designated market maker for the HMSTR token, has come under intense scrutiny. Following the arrest, HMSTR's token price saw a sharp decline of -12% in the last 24 hours, raising concerns among investors.

The U.S. Department of Justice has charged 16 companies and over a dozen individuals with crypto-related fraud, including Gotbit, ZM Quant, and CLS Global. As a result of the investigation, four people have been arrested, six have entered plea deals, and authorities have seized more than $30 million in cryptocurrencies.

For those who might have missed the news, here's a concise breakdown of what transpired:

🔴 The FBI launched its own token, NexFundAI, built on the Ethereum blockchain, to investigate fraudulent practices. The Bureau reached out to various market makers (MMs) under the guise of an undercover project, seeking their services.

🔴 In private calls and messages with the FBI's undercover team, employees from these market-making firms revealed the algorithms they use to inflate trading volumes, generate multiple wallets for token distribution, and manipulate markets.

🔴 The FBI deemed these practices as "wash trading," "artificial transaction activity," and "market manipulation," which led to serious charges against the individuals and companies involved. If convicted, these individuals could face up to 25 years in prison for their roles in manipulating cryptocurrency markets.

This case underscores the risks in the crypto space and the serious consequences of engaging in fraudulent activities. Stay vigilant and informed!

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