US Charges 14 Individuals And Four Crypto Companies In Major ‘Sham Trading’ Scandal

Name	Symbol	Market	Market Cap ($)	Algorithm
Ethereum	ETHUSD	Crypto	376,888,257,027	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Ethereum

ETHUSD

Crypto

376,888,257,027

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-102.45	-3.16%	3,142.73	3,142.57	3,142.75

Price Change

Price Change %

Current Price

Bid Price

Offer

-102.45

-3.16%

3,142.73

3,142.57

3,142.75

High Price	Low Price	Open Price	Prev. Close	52 Week Range
3,290.00	3,120.80	3,258.71	3,245.18	1,906.15 - 4,093.88

High Price

Low Price

Open Price

Prev. Close

52 Week Range

3,290.00

3,120.80

3,258.71

3,245.18

1,906.15 - 4,093.88

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	07:06:58	0.015671	3,142.74	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

07:06:58

0.015671

3,142.74

USD

Price x Volume	Volume	Base Symbol	Related Pairs
189,023,090.15	58,870.20	ETH	ETHEUR	ETHGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

189,023,090.15

58,870.20

US Charges 14 Individuals And Four Crypto Companies In Major ‘Sham Trading’ Scandal

09/10/2024 8:51pm

NEWSBTC

On Wednesday, US prosecutors charged four crypto companies and 14 individuals in what is hailed as the first criminal prosecution targeting financial services firms for market manipulation and sham trading activities within the crypto sector. Allegations Of Price And Trading Volume Manipulations According to a court filing by the US District Court of the District of Boston Massachusetts, one of the companies charged is crypto trading firm ZM Quant, which is registered in the British Virgin Islands. Prosecutors allege that from approximately 2022 to 2024, ZM Quant conspired to manipulate the trading volume and prices of various undisclosed cryptocurrencies. Related Reading: ETH’s Fate Hinges On $2,300: Will Ethereum Soar To $6,000 Or Dive To $1,600? The scheme allegedly allowed the company to profit by receiving payments from crypto companies and selling the manipulated cryptocurrencies at what prosecutors said were “inflated prices”. The court filings detail the objectives of the conspiracy, suggesting that the primary intent was to engage in market manipulation and wire fraud. Prosecutors allege that the conspirators aimed to enrich themselves at the expense of market integrity and investor trust. Crypto Fraud Charges In addition to ZM Quant, the indictment includes other firms—Gotbit, CLS Global, and MyTrade—along with their executives and employees. This coordinated enforcement action also involved international arrests. Notably, five individuals connected to the case have already entered guilty pleas or agreed to plead guilty, indicating a potential willingness to cooperate with authorities. Related Reading: Bitcoin Price Crash To $62,000 Was Led By This Holer Cohort, Data Shows The charges of these companies also revolve around serious allegations of deceptive trading practices, often referred to as “sham trading,” which is designed to create a false impression of market activity, misleading investors and artificially manipulating prices. Featured image from DALL-E, chart from TradingView.com

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