Prosecutors assert that various crypto market makers engaged in wash trading to artificially inflate token prices, misleading the market regarding their legitimacy and actual trading volumes.
Gotbit co-founder Alexey Andryunin openly admitted to CoinDesk about the wash trading services his firm provided, revealing a troubling lack of ethical standards in their operations.
The legal actions exemplify a crackdown on fraudulent practices within the crypto space, highlighting the risks associated with unregulated trading activities and the presence of illegal service offerings.
With the list of involved tokens including Robo Inu and the indictment of several project founders, the case underscores the ramifications of manipulative behaviors in emerging crypto markets.
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