The FBI, DOJ, and SEC have launched a major crackdown on crypto fraud, targeting companies and individuals manipulating the market. 🚨 An important part of the operation was the FBI’s creation of a new token, NexFundAI, which helped expose the illegal activities. Several market makers and their accomplices were indicted in serious charges, highlighting the federal agencies’ determination to clean up the crypto space.

Investigations have uncovered fraudulent schemes such as wash trading, which were used by Gotbit Consulting and ZM Quant Investment to artificially inflate trading volumes. The SEC and DOJ have indicted several individuals to put an end to these deceptive practices.

The FBI used NexFundAI as bait to expose the manipulators. Undercover agents met with market makers, discussed potential trades, and identified their tactics. This allowed them to gather important evidence and shut down their operations.

The operation was international in scope, spanning Russia, the UK and Hong Kong. Authorities targeted not only the masterminds of the schemes, but also the smaller players. The Justice Department, FBI and SEC sought accountability at all levels.

With NexFundAI, the DOJ and SEC have taken a hard line against crypto scams, bringing civil and criminal charges. This is a message to the crypto industry: deception will not be tolerated. Investors should be cautious and vigilant.