U.S. authorities have taken action against suspected large-scale manipulation in the cryptocurrency market. Last week, three suspects extradited from Singapore appeared in a federal court in Oakland, California.



The individuals involved are four crypto market makers: Gotbit, Vortex, Antier, and Contrarian. The three arrested are Gleb Gora, CEO of Vortex; Manu Singh, CEO of Contrarian; and Vasu Sharma, an employee of Contrarian.

Prosecutors point out that these companies created false trading volumes through wash trading, order matching, and pre-arranged transactions. In other words, they made it appear as if there was liquidity when there was none, attracting individual investors. They also artificially inflated token prices.

This misconduct dates back to 2018, indicating it lasted for quite a long period. The U.S. Department of Justice (DOJ) believes these companies lured retail investors to give insiders an opportunity to sell.

The authorities seem serious about addressing acts that threaten transparency and trust in the cryptocurrency market. The outcome of upcoming trials is closely watched.
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