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Highest financial penalty in Gotbit case by December 31, 2025?
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US Charges 18 in Crypto Fraud; FBI Uses Fake Token NextFundAi to Target Gotbit, ZM Quant, CLS Global
Oct 9, 2024, 07:57 PM
The US government has charged 18 individuals and companies, including Gotbit, ZM Quant, CLS Global, and MyTrade, with widespread cryptocurrency fraud and market manipulation. This marks the first criminal prosecution of financial services firms for market manipulation and sham trading in the crypto sector. The investigation, titled United States v. Gotbit, included an FBI sting operation where agents set up a fake crypto firm and digital token, NextFundAi, which promised an 80% return on investment in USDT and was 'rugged' on September 18th to identify and disrupt the alleged fraudsters. The indictments are currently sealed, and no further details have been released at this time. The Securities and Exchange Commission (SEC) has also charged three market makers and nine individuals in a crackdown on manipulation of crypto assets offered and sold as securities.
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