The FBI's investigation revealed a sophisticated scheme where cryptocurrency companies engaged in market manipulation, ultimately leading to significant legal actions against their leadership and employees.
"What the FBI uncovered in this case is essentially a new twist to old-school financial crime," said Jodi Cohen, highlighting the traditional methods being adapted in modern cryptocurrency markets.
Market makers allegedly made false claims about tokens and engaged in wash trades, creating a deceptive perception of activity and inflating their values for profit.
The investigation led to charges against three market makers and numerous individuals, showcasing the FBI's commitment to tackling fraud and manipulation in the cryptocurrency landscape.
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