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The FBI Secretly Created a Coin To Investigate Crypto Pump-and-Dump Schemes
Thursday October 10, 2024. 10:42 PM , from Slashdot
The defendants allegedly made false claims about their tokens and executed so-called 'wash trades' to create the impression of an active trading market, prosecutors claim. The three market makers -- ZMQuant, CLS Global, and MyTrade -- allegedly wash traded or conspired to wash trade on behalf of NexFundAI, an Ethereum-based token they didn't realize was created by the FBI. 'What the FBI uncovered in this case is essentially a new twist to old-school financial crime,' Jodi Cohen, the special agent in charge of the FBI's Boston division, said in a statement. 'What we uncovered has resulted in charges against the leadership of four cryptocurrency companies, and four crypto 'market makers' and their employees who are accused of spearheading a sophisticated trading scheme that allegedly bilked honest investors out of millions of dollars.' Read more of this story at Slashdot.
https://yro.slashdot.org/story/24/10/10/1857245/the-fbi-secretly-created-a-coin-to-investigate-crypt...
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