Hydrogen Technology Execs Jailed for HYDRO Price Manipulation
Hydrogen Technology executives, CEO Michael Kane and head of financial engineering Shane Hampton, have been sentenced to jail for defrauding investors by manipulating the price of the HYDRO token. The duo used a South African company, Moonwalkers Trading, to manipulate the HYDRO price on a U.S.-based crypto exchange, resulting in $2 million in profits from selling HYDRO at inflated prices. Kane pleaded guilty to wire fraud and committing securities price manipulation, while Hampton was convicted of conspiracy to commit securities price manipulation and wire fraud. This case marked the first time a federal criminal trial jury found that a cryptocurrency was a security and that manipulating cryptocurrency prices was securities fraud. Hydrogen Technology was previously fined $2.8 million and Kane $260,206 for violating securities law. Two other co-conspirators have already been sentenced for securities price manipulation and wire fraud charges.
