The US Securities and Exchange Commission (SEC) has won a lawsuit accusing finance and technology company Hydrogen Technology and its former CEO, Michael Ross Kane, of price manipulation.
New York District Court, in the 7-month-long cryptocurrency manipulation lawsuit filed by the SEC, Hydrogen Technology and former CEO Michael Ross Kanefinding guilty Decides a fine of $2.8 million. This punishment $260,000 part of Kane individual and the remainder will be procured from Hydrogen Technology.
Hydrogen Technology market maker according to the details of the case Moonwalkers Trading jointly local token Hydro’s (HYDRO) manipulated its volume and price. CEO of SEC, Kane and Moonwalkers Tyler OsternAfter the launch of HYDRO in 2018 fake market size And with misleading data He stated that he was doing price manipulation.
By selling the tokens held by Kane and Ostern on the inflated market, the SEC attracted users to HYDRO thanks to these artificial market volumes and trading bots. Over $2 million profit proved to be achieved.
In the notice the SEC published on its official website on September 28, Hydrogen And To Moonwalkers Trading unregistered sale of securities And market manipulation filed a criminal complaint alleging that they had committed their crimes.
According to CoinGecko data, HYDRO 0.0015 dollar from approximately 40% with a drop $0.000951 decreased to levels. HYDRO is trading at $0.00129 at the time of writing.