The Federal Bureau of Investigation has charged 18 individuals and companies with fraud and manipulation following a sting operation involving a fake cryptocurrency token. The operation, dubbed “Operation Token Mirrors,” led to the arrest of three individuals in Texas, the UK, and Portugal.
What Happened: The U.S. Department of Justice has announced that five defendants have either pleaded or agreed to plead guilty. The operation seized over $25 million in cryptocurrency assets, reported the Financial Times on Wednesday.
The U.S. Securities and Exchange Commission (SEC) stated that the scheme involved “on-demand market manipulation” on trading platforms, creating massive artificial trading volumes.
The SEC highlighted that ZM Quant, a supposed market maker, was enlisted to support trading in …
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