Menu

Categories:

Hot right now:

Follow on:

Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

Menu

Categories:

Hot right now:

Follow on:

Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

US Charges 14 Individuals And Four Crypto Companies In Major ‘Sham Trading’ Scandal

Share This Post

On Wednesday, US prosecutors charged four crypto companies and 14 individuals in what is hailed as the first criminal prosecution targeting financial services firms for market manipulation and sham trading activities within the crypto sector. 

Allegations Of Price And Trading Volume Manipulations

According to a court filing by the US District Court of the District of Boston Massachusetts, one of the companies charged is crypto trading firm ZM Quant, which is registered in the British Virgin Islands.

Prosecutors allege that from approximately 2022 to 2024, ZM Quant conspired to manipulate the trading volume and prices of various undisclosed cryptocurrencies. 

The scheme allegedly allowed the company to profit by receiving payments from crypto companies and selling the manipulated cryptocurrencies at what prosecutors said were “inflated prices”.

The court filings detail the objectives of the conspiracy, suggesting that the primary intent was to engage in market manipulation and wire fraud. Prosecutors allege that the conspirators aimed to enrich themselves at the expense of market integrity and investor trust.

Crypto Fraud Charges

In addition to ZM Quant, the indictment includes other firms—Gotbit, CLS Global, and MyTrade—along with their executives and employees. 

This coordinated enforcement action also involved international arrests. Notably, five individuals connected to the case have already entered guilty pleas or agreed to plead guilty, indicating a potential willingness to cooperate with authorities.

The charges of these companies also revolve around serious allegations of deceptive trading practices, often referred to as “sham trading,” which is designed to create a false impression of market activity, misleading investors and artificially manipulating prices.

Crypto

Featured image from DALL-E, chart from TradingView.com

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Tether’s 2-Year, $5 Billion Investment Blitz Fuels US Companies: CEO

Tether, the issuer of the USDT stablecoin, has quietly funneled roughly $5 billion of its earnings into a mix of US businesses and government debt over the past two years It’s putting money where

Dogecoin (DOGE) at Risk — Can Support Hold This Time?

Dogecoin started a fresh decline from the $02540 zone against the US Dollar DOGE is now consolidating losses and might extend losses below $02200 DOGE price started a fresh decline below the $02420

These 5 Top Altcoins Are Like Bitcoin at $1, Stack Now

The post These 5 Top Altcoins Are Like Bitcoin at $1, Stack Now appeared first on Coinpedia Fintech News A crypto analyst has shared his outlook for altcoins in 2025, expecting a classic altcoin

BRICS Bank Fuels Russia’s De-Dollarization Push—Global Finance Faces Reset

Russia is turbocharging its de-dollarization drive through the BRICS Bank, championing non-dollar financing and pushing a multipolar system to disrupt Western dominance in global finance Russia

India’s Crypto Sector Rallies for Tax Change as Trump Spurs Market Optimism

Amid evolving global dynamics, India’s cryptocurrency sector is intensifying pressure on the government for tax relief, capitalizing on what industry leaders see as softening attitudes linked to

Bitcoin Kidnapping Case: Crypto Entrepreneur Arrested For Torture And Extortion

John Woeltz was arrested in New York City on Friday for allegedly kidnapping and torturing a man in an attempt to access his Bitcoin (BTC) password Once celebrated as a rising star in the crypto
You have not selected any currencies to display