According to ME News, on August 7 (UTC+8), the U.S. Department of Justice announced that Liu Zhou, founder and primary operator of the cryptocurrency financial services company MyTrade, was recently sentenced to a $10,000 fine by a federal court in Boston for his involvement in a cryptocurrency market manipulation conspiracy. Prosecutors stated that MyTrade provided “volume support” services to cryptocurrency projects through its MyTrade MM platform, using bots to execute fictitious trades across multiple crypto exchanges to artificially inflate trading volume and market activity, thereby misleading investors. (Source: ODAILY)
U.S. DOJ fines MyTrade founder $10,000 for crypto market manipulation
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Summary
On August 7 (UTC+8), the U.S. Department of Justice announced that Liu Zhou, founder of MyTrade, was fined $10,000 for crypto market manipulation. Prosecutors stated that MyTrade used its platform to offer volume support services, deploying bots to simulate trades and inflate trading volume. The scheme misled investors in the crypto market. Altcoins to watch may be impacted as trading activity comes under increased scrutiny.
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