{"id":197460,"date":"2024-10-11T17:23:16","date_gmt":"2024-10-11T22:23:16","guid":{"rendered":"https:\/\/lifeboat.com\/blog\/2024\/10\/the-fbi-secretly-created-a-coin-to-investigate-crypto-pump-and-dump-schemes"},"modified":"2024-10-11T17:23:16","modified_gmt":"2024-10-11T22:23:16","slug":"the-fbi-secretly-created-a-coin-to-investigate-crypto-pump-and-dump-schemes","status":"publish","type":"post","link":"https:\/\/lifeboat.com\/blog\/2024\/10\/the-fbi-secretly-created-a-coin-to-investigate-crypto-pump-and-dump-schemes","title":{"rendered":"The FBI secretly created a coin to investigate crypto pump-and-dump schemes"},"content":{"rendered":"<p><a class=\"aligncenter blog-photo\" href=\"https:\/\/lifeboat.com\/blog.images\/the-fbi-secretly-created-a-coin-to-investigate-crypto-pump-and-dump-schemes2.jpg\"><\/a><\/p>\n<p>\u201cWhat the FBI uncovered in this case is essentially a new twist to old-school financial crime,\u201d Jodi Cohen, the special agent in charge of the FBI\u2019s Boston division, said in a statement. \u201cWhat we uncovered has resulted in charges against the leadership of four cryptocurrency companies, and four crypto \u2018market makers\u2019 and their employees who are accused of spearheading a sophisticated trading scheme that allegedly bilked honest investors out of millions of dollars.\u201d<\/p>\n<p>Liu Zhou, a \u201cmarket maker\u201d working with MyTrade MM, allegedly told promoters of NexFundAI that MyTrade MM was better than its competitors because they \u201ccontrol the pump and dump\u201d allowing them to \u201cdo inside trading easily.\u201d<\/p>\n<p>An FBI spokesperson <a href=\"https:\/\/www.coindesk.com\/policy\/2024\/10\/09\/prosecutors-charge-two-crypto-market-makers-employees-with-market-manipulation-fraud\/\">told <em>CoinDesk<\/em><\/a> that there was limited trading activity on the coin but didn\u2019t share additional information. On a Wednesday press call, Joshua Levy, the acting US attorney for the District of Massachusetts, said trading on the token was disabled, according to <em>CoinDesk<\/em>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u201cWhat the FBI uncovered in this case is essentially a new twist to old-school financial crime,\u201d Jodi Cohen, the special agent in charge of the FBI\u2019s Boston division, said in a statement. \u201cWhat we uncovered has resulted in charges against the leadership of four cryptocurrency companies, and four crypto \u2018market makers\u2019 and their employees who [\u2026]<\/p>\n","protected":false},"author":396,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1761,45],"tags":[],"class_list":["post-197460","post","type-post","status-publish","format-standard","hentry","category-cryptocurrencies","category-finance"],"_links":{"self":[{"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/posts\/197460","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/users\/396"}],"replies":[{"embeddable":true,"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/comments?post=197460"}],"version-history":[{"count":0,"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/posts\/197460\/revisions"}],"wp:attachment":[{"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/media?parent=197460"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/categories?post=197460"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/tags?post=197460"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}