Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • TRADING
  • HACKING
  • SLOT
  • CASINO
  • SUBMIT
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • TRADING
  • HACKING
  • SLOT
  • CASINO
  • SUBMIT
Crypto Flexs
Home»HACKING NEWS»US indicts 18 companies for cryptocurrency fraud
HACKING NEWS

US indicts 18 companies for cryptocurrency fraud

By Crypto FlexsOctober 14, 20242 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
US indicts 18 companies for cryptocurrency fraud
Share
Facebook Twitter LinkedIn Pinterest Email
  • The United States indicted 14 people and four companies on charges of fraud and market manipulation.
  • Prosecutors said this was the first criminal case involving a cryptocurrency company involved in market manipulation and wash trading.

U.S. prosecutors have indicted 14 people and four cryptocurrency companies on charges of widespread market manipulation and fraud.

Federal prosecutors said Wednesday that the case involves the first criminal prosecution of a financial services company involved in the cryptocurrency market, according to a press release from the U.S. Attorney’s Office for the District of Massachusetts. In addition to fraud, there are also allegations of fake transactions and inflated cryptocurrency prices.

“What the FBI uncovered in this case is essentially a new twist on a traditional financial crime. ‘Operation Token Mirror’ targeted nefarious token developers, promoters and market makers in the cryptocurrency space,” said Jody Cohen, Special Agent in Charge of the Federal Bureau of Investigation, Boston Division.

The elaborate trading scheme resulted in investors losing millions of dollars, Cohen added.

The four companies are Gotbit, CLS Global, ZM Quant and MyTrade.

U.S. prosecutors in Boston also unveiled charges against the company’s leaders and employees. Those charged include individuals residing in the United States and Hong Kong. There have been arrests overseas, and federal prosecutors say five people have agreed to plead guilty to charges.

Saitama and Godbit

Maxwell Hernandez, Russell Armand, and Nam Tran are alleged to have created and promoted various cryptocurrency projects that are known to target price manipulation and scam users.

This includes Platform Saitama, a cryptocurrency project on Ethereum whose native token achieved a market capitalization of over $7.5 billion at its peak. Saitama also provided real estate investment products and tokens.

One of the cryptocurrency companies accused Gotbit of wash trading and inflating trading volumes tenfold for a token called Robo Inu. This resulted in $1 million in fake trading volume.

Imagine getting charged for making a fake $1 million transaction for something called Robo Inu 😭 pic.twitter.com/Dc0DJbJOuO

— DB (@tier10k) October 9, 2024

The indictment against the 14 companies comes as the industry continues to face regulatory scrutiny over allegations of market manipulation and theft.

Last September, the FBI arrested Marlon Lam, 20, and Jindiel Serrano, 21, on charges of fraud and money laundering conspiracy in the $230 million cryptocurrency theft.


Share this article

Category

tag

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Detect the full execution bug with the induction pursing of Wake

September 25, 2025

Navigating Policy & Regulation in Blockchain

September 23, 2025

Coinbase’s rich violations are connected to $ 400 million in encryption, and court file disclosure

September 21, 2025
Add A Comment

Comments are closed.

Recent Posts

Futuromining Reaches $5,700 Daily Income Milestone For XRP Users

September 26, 2025

CoinFerenceX 2025 Unites Global Web3 Innovators In Singapore On September 29

September 26, 2025

Pepeto Highlights $6.8M Presale Amid Ethereum’s Price Moves And Opportunities

September 26, 2025

LYS Labs Moves Beyond Data And Aims To Become The Operating System For Automated Global Finance

September 26, 2025

Dexari Unveils $1M Cash Prize Trading Competition

September 26, 2025

How to solve the XPL perp defect

September 26, 2025

Detect the full execution bug with the induction pursing of Wake

September 25, 2025

KuCoin Appeals FINTRAC Decision, Reaffirms Commitment To Compliance

September 25, 2025

Phemex Revamps Blog To Deliver Deeper Insights And Enhanced Reader Experience

September 25, 2025

T-REX Launches Intelligence Layer To Fix Web3’s Value Distribution Problem

September 25, 2025

Are you doing a fair deal?

September 25, 2025

Crypto Flexs is a Professional Cryptocurrency News Platform. Here we will provide you only interesting content, which you will like very much. We’re dedicated to providing you the best of Cryptocurrency. We hope you enjoy our Cryptocurrency News as much as we enjoy offering them to you.

Contact Us : Partner(@)Cryptoflexs.com

Top Insights

Futuromining Reaches $5,700 Daily Income Milestone For XRP Users

September 26, 2025

CoinFerenceX 2025 Unites Global Web3 Innovators In Singapore On September 29

September 26, 2025

Pepeto Highlights $6.8M Presale Amid Ethereum’s Price Moves And Opportunities

September 26, 2025
Most Popular

Dogecoin Price is close to Triangle Breakout Rally. $ 0.20

March 23, 2025

World’s first EVM-compatible L2 for Solana, scheduled for release in 2024, Solana VM raises over $1,000,000 in $SVM presale

June 10, 2024

Bolivia Bans State Oil Company does not use encryption for energy settlement.

May 29, 2025
  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
© 2025 Crypto Flexs

Type above and press Enter to search. Press Esc to cancel.