• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

Fraud Charges for Gotbit and Other Companies in Crypto Manipulation

user avatar

by Giorgi Kostiuk

2 years ago

Recently, federal prosecutors have charged three cryptocurrency firms and 15 individuals, unveiling significant market manipulation.

Companies Involved in Manipulation

The firms Gotbit, ZM Quant, and CLS Global were involved in the scheme by employing fictitious trading strategies to inflate crypto token values. This manipulation gave investors the false impression of sustainable demand.

Case Details

Gotbit, an AR app developed by Aleksei Andriunin, played a key role in the operation. Andriunin was arrested in Portugal, and two other staff members, Fedor Kedrov and Qawi Jalili from Russia, were also charged.

Authorities' Actions

FBI's operation included the creation of the token NexFundAI to monitor manipulations. Before any harm could come to retail investors, token trading was disabled.

The case highlighted the complexities and urgency of tackling cryptocurrency market manipulations and the need for stringent oversight of such operations.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

Elon Musk Reveals Bold Plans for SpaceX's Future

chest

Elon Musk outlines bold plans for SpaceX, including sending thousands to the Moon and launching AI satellites.

user avatarSon Min-ho

Analysts Present Varied Valuation Forecasts for SpaceX by 2036

chest

Analysts present a wide range of forecasts for SpaceX's valuation by 2036, estimating between $470 billion and $40 trillion, influenced by unproven business models and market conditions.

user avatarAyman Ben Youssef

Visa Launches New Platform for Stablecoin Management

chest

Visa has launched the Visa Stablecoin Platform, allowing banks, fintechs, and payment providers to manage stablecoin operations seamlessly.

user avatarTando Nkube

House Financial Hearing in New York Aims to Shape Digital Asset Regulation

chest

A house field hearing in New York aims to build consensus around standard digital asset legislation, impacting market dynamics.

user avatarKofi Adjeman

BNB Maintains 578 Support as Inflation Relief Influences Market

chest

BNB maintains support at 578 as inflation relief influences market dynamics.

user avatarSatoshi Nakamura

Cardano Foundation Takes Over Token2049 Event Organization

chest

The Cardano Foundation has officially taken over the organization of the Token2049 event from EMURGO as of July 15.

user avatarNguyen Van Long

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.