Recently, the U.S. Federal Bureau of Investigation (FBI) in an unprecedented action has uncovered an alleged widespread crypto market manipulation scheme involving 18 individuals and four major crypto firms. Meanwhile, the FBI launched its own Ethereum-based token called NexFundAI as part of the Crypto Market Manipulation and Fraud Investigation into the case.
FBI Creates NexFundAI Token for Crypto Market Manipulation and Fraud Investigation
On Wednesday, US regulators, including the Securities and Exchange Commission (SEC), the Federal Bureau of Investigation (FBI), and the Department of Justice (DOJ), jointly filed a case against four crypto companies on suspicion of fraud and market manipulation.
The four major firms include Gotbit, ZMQuant, CLS GLOBAL, and My Trade.
According to the information, the charges include self-trading to manipulate the market and many other crimes related to the cryptocurrencies Saitama, Robo Inu, and NexFundAI. Moreover, in this case total of nine people were charged and some of the defendants agreed to separate plea agreements.
Moreover, the report states that GoBit and its marketing director created market interest for these crypto tokens through fraudulent transactions.
Plus, the relevant personnel involved in this case are located in countries like the United States, Russia, and India, which further clarifies the complexity of the case.
For transparency, it is more revealed that the FBI has developed a NexFundAI token based on Ethereum to identify, deal with, and bring these suspected fraudsters to justice. Moreover, trading for NexFundAI was closed 12 days ago.
