The U.S. Department of Justice said Liu Zhou, founder and principal operator of crypto financial services firm MyTrade, has been fined $10,000 by a federal court in Boston for taking part in a crypto market manipulation conspiracy. Prosecutors alleged that MyTrade used its MyTrade MM platform to offer “trading volume support,” running bots to execute fake trades on multiple exchanges and mislead investors.
The U.S. Department of Justice announced that Liu Zhou, founder and principal operator of crypto financial services firm MyTrade, has been fined $10,000 by a federal court in Boston for his role in a cryptocurrency market manipulation conspiracy.
Prosecutors said MyTrade offered a “trading volume support” service to crypto projects through its MyTrade MM platform. Bots were used to execute fake trades on multiple crypto exchanges, artificially creating trading volume and market activity designed to mislead investors.
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