In a bold move to tackle market manipulation, the FBI has introduced a new token named NexFundAI, designed as a trap to ensnare perpetrators of fraudulent activities in the cryptocurrency space.
Recent on-chain data reveals a significant case involving a wallet that manipulated the $SAITAMA token, reaping profits exceeding $11 million. Initially, the manipulator funded the NexFundAI deployer with a mere 0.01 ETH. Subsequently, the wallet spent $7,357 to acquire 875.8 trillion $SAITAMA tokens.
The manipulator then executed strategic moves by selling 687.66 trillion $SAITAMA tokens on-chain, generating $8.85 million in revenue. A portion of these proceeds, totaling $2.75 million, was deposited into major exchanges like OKEx and Gateio. Interestingly, amidst these transactions, the operator also repurchased $SAITAMA tokens worth $253,000.
The #FBI launched a token named #NexFundAI as “bait” to catch market manipulation.
On-chain data shows that a wallet that manipulated $SAITAMA to earn more than $11M once funded the NexFundAI deployer with 0.01 $ETH. #Saitamainu
The manipulator wallet spent only $7,357 to buy… pic.twitter.com/IeFstAdBLd
— Lookonchain (@lookonchain) October 10, 2024
$11 Million Money Maneuver
The saga underscores the profitability of such manipulative tactics within the cryptocurrency market, with this single wallet netting more than $11 million through its maneuvers.
In parallel developments, the US SEC, FBI, and DOJ have filed lawsuits against crypto firms including Gotbit, alleging fraud and market manipulation. Gotbit had previously claimed to sell $WATER tokens to stabilize prices, yet data indicates they sold significantly more tokens than they purchased, raising suspicions of manipulative practices.
The US SEC, FBI, and DOJ sued #Gotbit and other crypto firms for alleged fraud and market manipulation.#Gotbit previously claimed that they sold $WATER to lower the price to a fair level.
However, #Gotbit sold significantly more tokens than purchased!https://t.co/qtYsQvX6OB pic.twitter.com/8OWV5qOnMi
— Lookonchain (@lookonchain) October 10, 2024
These actions highlight the growing regulatory scrutiny and efforts to maintain market integrity within the cryptocurrency ecosystem. The introduction of NexFundAI represents a proactive step by law enforcement agencies to combat fraudulent activities, sending a clear message to potential wrongdoers that illicit actions will not go unpunished.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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