TechFlow News: On April 1, according to a press release from the U.S. Attorney’s Office for the Northern District of California, a federal grand jury has indicted ten executives and employees of four cryptocurrency market makers—Gotbit, Vortex, Antier, and Contrarian—for allegedly engaging in “wash trading” to artificially inflate cryptocurrency trading volumes and prices, then selling at peak prices to profit, thereby causing losses to investors in the United States and elsewhere. Three defendants—including two CEOs—have already been extradited from Singapore to the United States and made their initial court appearances; two other defendants have pleaded guilty and received sentencing. This operation was jointly led by the FBI and the IRS Criminal Investigation Division, resulting in the seizure of over $1 million in cryptocurrency assets. Convicted individuals face up to 20 years’ imprisonment and fines of up to $250,000.
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