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👀Crypto Firm Pleads Guilty to Manipulating FBI-Created Token
CLS Global (UAE) has pleaded guilty to volume manipulation and wire fraud in connection with its NexFundAI (NEXF) token, which was created by the FBI to detect cryptocurrency fraud.
Under the January 21 agreement, CLS was fined $428,059, forfeited assets on Binance and KuCoin, banned from trading cryptocurrencies involving U.S. investors for three years, and required to file annual compliance reports with the SEC.
NEXF was created by the FBI to attract fraudsters in price-inflating and dumping schemes. CLS admitted to facilitating volume manipulation through wash trading to defraud investors. This is the first time the FBI has used fake tokens to detect fraud.
#CSL #NexFundAI #SEC
CLS Global (UAE) has pleaded guilty to volume manipulation and wire fraud in connection with its NexFundAI (NEXF) token, which was created by the FBI to detect cryptocurrency fraud.
Under the January 21 agreement, CLS was fined $428,059, forfeited assets on Binance and KuCoin, banned from trading cryptocurrencies involving U.S. investors for three years, and required to file annual compliance reports with the SEC.
NEXF was created by the FBI to attract fraudsters in price-inflating and dumping schemes. CLS admitted to facilitating volume manipulation through wash trading to defraud investors. This is the first time the FBI has used fake tokens to detect fraud.
#CSL #NexFundAI #SEC
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