The post Four Crypto Firms Indicted for Market Manipulation in Major US Crackdown appeared on BitcoinEthereumNews.com.

The case highlights a pivotal U.S. legal effort against fraud in the cryptocurrency market. The global arrests and charges highlight the need for international cooperation in regulating cryptocurrencies. In a major crackdown on fraudulent activities in the cryptocurrency market, federal prosecutors in Boston have charged Gotbit, ZM Quant, CLS Global, and MyTrade, along with their leaders and employees, with market manipulation and sham trading. This action may have been influenced by the recent CNF update on the  U.S. Presidential debate where Kamala Harris outperformed Donald Trump, even though cryptocurrency was not mentioned. The investigation, which led to arrests across multiple countries, has resulted in five individuals pleading guilty or agreeing to do so. According to recent information shared in a tweet, four cryptocurrency companies and 14 individuals have been charged in what U.S. prosecutors on Wednesday said was the first criminal prosecution of financial services firms for market manipulation and sham trading in the crypto sector. BOSTON, Oct 9 (Reuters) – Four cryptocurrency companies and 14 individuals have been charged in what U.S. prosecutors on Wednesday said was the first criminal prosecution of financial services firms for market manipulation and sham trading in the crypto sector. Federal… — db (@tier10k) October 9, 2024 Moreover, the federal prosecutors in Boston charged the firms Gotbit, ZM Quant, CLS Global, and MyTrade and their leaders and employees in a takedown that also involved arrests overseas. Five people have already agreed to plead guilty or have done so. The prosecution marks a significant milestone in the efforts to combat fraud within the crypto industry. This case represents one of the first criminal prosecutions targeting financial services firms in the cryptocurrency space, highlighting the US government’s growing focus on regulating and holding crypto firms accountable for fraudulent practices. International Crypto Fraud Case Unfolds and BTC…

---

Filed under: News - @ October 10, 2024 3:19 am