The US Federal Bureau of Investigation (FBI) has conducted a remarkable operation to prevent manipulation and fraud in the crypto market. At the center of the operation was a fake Ethereum-based token called “NexFundAI”. Using this fake token, the FBI specifically targeted four major market makers involved in market manipulations. These companies, which artificially inflated prices in the crypto market with a fraud method called “pump and dump”, were gaining unfair profits by misleading small investors. With this operation, the FBI has developed a new strategy against fraudsters in the cryptocurrency field.
Operation NexFundAI: How Were Fraudsters Trapped?
NexFundAI quickly gained traction upon launch, following which the FBI established secret relationships with market makers such as Gotbit, CLS Global, MyTrade, and ZM Quant. These companies were accused of increasing token prices by making fraudulent transactions and then making a profit by reducing the price with flash sales. These companies targeted by the FBI were the main actors of the pump and dump tactics that are frequently encountered in the crypto market and victimize investors. As a result of the operation, these market makers, who manipulated token prices with fake transactions, were trapped.
The FBI managed to detain 18 people at the end of the operation. In the official statement made on Wednesday, October 9, it was announced that four of these people admitted their crimes. The details of the operation made a big impact in the cryptocurrency world. With this operation, the FBI proved that it is waging an effective fight against cryptocurrency fraud and showed that fraudsters will inevitably be caught. This operation raised hopes that large-scale frauds in the crypto market could be detected and prevented.
FBI’s Call to Crypto Investors
The FBI has created a special application form for investors aggrieved by the NexFundAI token. Through this form, individuals who are victims of fraud will be able to seek legal protection and compensation under federal and state laws. This attention to victims is part of the FBI’s efforts to end fraud in the cryptocurrency market. This step is considered an important indicator of the institution’s initiatives to provide more support for cryptocurrency victims.
Following the operation, Acting United States Attorney Joshua Levy said that this type of operation was a first in the crypto market and many fraudsters were uncovered. Additionally, the FBI announced that the Securities and Exchange Commission (SEC) filed a complaint against Gotbit, CLS Global, ZM Quant and several other companies for violating securities laws. While the crypto community considered this operation of the FBI a great success, it aroused curiosity about what steps would be taken against similar fraudulent activities in the future.
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