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U.S. authorities are tackling crypto scammers using their own tactics. For the first time, the FBI created a cryptocurrency called NexFundAI Token to bait and capture fraudsters, leading to charges against several crypto companies and individuals, and the seizure of over $25 million.
In “Operation Token Mirrors,” scammers manipulated token prices through wash trading, unaware the FBI created the token. The Securities & Exchange Commission also filed complaints against companies for securities law violations.
The investigation, described as a modern twist on old-school financial crime, highlighted that wash trading is illegal in crypto markets too. NexFundAI trading has been disabled, but its price soared over 1,558% during the fraud. This came two years after the FBI formed a cryptocurrency unit.
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