On October 10, a joint enforcement action was initiated by the U.S. Securities and Exchange Commission (SEC), the Federal Bureau of Investigation (FBI), and the Department of Justice (DOJ) against four cryptocurrency entities, including Gotbit Consulting, ZM Quant Investment, and CLS Global. Allegations concern fraudulent activities and market manipulation, specifically through tactics like self-trading aimed at deceiving investors. The investigation uncovered a series of illicit actions associated with several cryptocurrencies, including Saitama, Robo Inu, and NexFundAI. A total of nine individuals face charges, with some reaching settlements. The case highlights how Gotbit and its directors allegedly fabricated market demand through deceptive trading practices, involving operatives spread across the United States, Russia, and India, illustrating the international scope and severity of the misconduct.
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