US charges 3 companies, 15 people with cryptocurrency fraud
- The U.S. Charged 3 companies and 15 people with cryptocurrency fraud, accusing them of engaging in sham trades to inflate trading volumes, leaving investors at a loss.
- From 2018 to 2024, Gotbit allegedly performed "wash trading" to manipulate markets and inflate token volumes, reportedly earning tens of millions of dollars.
- Charges include market manipulation and conspiracy to commit money laundering, with potential sentences reaching up to 20 years, according to Jodi Cohen from the FBI.
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