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Crypto Catch: FBI’s Ingenious Sting Operation Nets $25M in Frauds

News | Blockchain | by Max Cosmo | October 9, 2024 |
681
CLSFBIGotbitJodi CohenJoshua LevyNexFundAI TokenOperation Token MirrorsSaitamaZM Quant

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.

Sentiment: Positive

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