The U.S. Department of Justice has charged four crypto market makers involved in "wash trading" market manipulation, with up to 20 years in prison for the ten individuals involved.

ME News message, on April 1 (UTC+8), the Office of the U.S. Attorney for the Northern District of California, U.S. Department of Justice, announced that a federal grand jury has brought criminal charges against 10 executives and employees related to crypto market makers Gotbit, Vortex, Antier, and Contrarian. The charges allege that they manipulated the price and trading volume of crypto assets through “wash trading” (false trades), inducing investors to buy at artificially inflated price levels. Law enforcement information shows that the case was revealed by a covert operation targeting manipulation in the crypto industry, conducted jointly by the Federal Bureau of Investigation (FBI) and the Criminal Investigation Division of the Internal Revenue Service, and that more than $1 million in crypto assets has already been seized. Two CEOs and one executive among the three companies have been extradited from Singapore to the United States and made their first appearance in federal court in Oakland, California. In addition, two defendants previously pleaded guilty and were sentenced. According to the allegations, the individuals involved could face up to 20 years in prison and a $250,000 fine. (Source: ODAILY)