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The US government has taken an important step against the increasing manipulation and fraud incidents in the cryptocurrency sector, charging 18 individuals and companies with illegally manipulating cryptocurrency markets and defrauding investors. As a result of the investigations launched by the US Department of Justice and the Securities and Exchange Commission (SEC), the individuals accused are alleged to have been involved in fraudulent activities worth millions of dollars.
Fraud and Manipulation Tactics in the US Allegations
As part of the investigation, it was stated that these individuals gave fake buy-sell orders to artificially increase or decrease cryptocurrency prices, and tried to make a profit by misleading investors. With this manipulation method called “Pump and Dump”, the prices of cryptocurrencies were increased rapidly and then the accused individuals were making unfair profits from the market by selling at high prices.
According to Reuters, these companies include GotBit, Zm Quant, Cls Global and Mytrade.
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It is also alleged that scammers are targeting investors through fake cryptocurrency projects and platforms and are defrauding investors of large amounts of money through these projects. Both small investors and large institutional investors have been victimized by these methods.
US Pressure on the Cryptocurrency Sector is Increasing
With the increasing popularity of the cryptocurrency sector in recent years, the US government has begun to take steps to tighten regulatory measures. While the SEC and other federal agencies are working to make cryptocurrency markets more transparent and reliable, they also emphasize that criminal sanctions for illegal activities should be increased. This case is seen as one of the most comprehensive measures taken against illegal activities in the cryptocurrency sector.
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