US Department of Justice: MyTrade crypto market maker founder fined $10,000 for market manipulation
- Liu Zhou, the founder of MyTrade, was fined $10,000 for market manipulation.
- MyTrade provided 'Volume Support' services using bots for wash trading.
- The trading activity was aimed at misleading investors by artificially inflating trading volume.
- MyTrade has ceased its 'Volume Support' services and shut down related bots.
- The case was advanced by the U.S. Attorney’s Office and the FBI’s Boston Division.
The U.S. Department of Justice (DOJ) announced that Liu Zhou, founder and main operator of crypto financial services company MyTrade, was recently sentenced to a $10,000 fine in Boston federal court for participating in a crypto market manipulation conspiracy.
Prosecutors stated that MyTrade provided so-called 'Volume Support' services to crypto projects through its 'MyTrade MM' platform, using bots to execute wash trading on multiple crypto exchanges to artificially create trading volume and market activity in order to mislead investors.
According to the plea agreement, MyTrade MM has stopped providing 'Volume Support' services and permanently shut down the related wash trading bots, while also adding a statement on its website acknowledging that 'volume support constitutes wash trading, which is illegal under U.S. law.'
The DOJ stated that the case was jointly advanced by the U.S. Attorney’s Office and the FBI’s Boston Division.
美国司法部：MyTrade加密市场做市商创始人因市场操纵被罚款1万美元
美国司法部宣布，MyTrade加密金融服务公司的创始人及主要运营者刘周，因参与加密市场操纵阴谋，最近在波士顿联邦法院被判罚款1万美元。
检察官表示，MyTrade通过其“MyTrade MM”平台向加密项目提供所谓的“交易量支持”服务，利用机器人在多个加密交易所执行洗盘交易，以人为地创造交易量和市场活动，误导投资者。
根据认罪协议，MyTrade MM已停止提供“交易量支持”服务，并永久关闭相关的洗盘交易机器人，同时在其网站上添加声明，承认“交易量支持构成洗盘交易，这在美国法律下是非法的。”
司法部表示，该案件由美国检察官办公室和波士顿联邦调查局共同推进。