It's Possible You Shouldn't Tell Journalists About Your Wash Trading Biz
Summary
The U.S. Department of Justice charged multiple individuals and companies, including Gotbit, CLS Global, MyTrade, and ZM Quant, for engaging in wash trading of cryptocurrencies and defrauding investors. Wash trading is recognized as a deceptive practice in the crypto industry, creating false trading volume to mislead investors. Alexey Andryunin, a co-founder of a company that facilitated such practices, was arrested in Portugal for extradition to the U.S. The FBI also created a fake token named NexFundAI to demonstrate the potential for fraud in the crypto space.
