The U.S. Department of Justice (DOJ) announced that Liu Zhou, founder and principal operator of crypto financial services firm MyTrade, was recently fined $10,000 by a federal court in Boston for his role in a cryptocurrency market manipulation conspiracy. According to prosecutors, MyTrade offered crypto projects a service it called "Volume Support" through its MyTrade MM platform. The operation deployed bots to execute wash trades on multiple crypto exchanges, creating artificial trading volume and market activity that misled investors. As part of a plea agreement, MyTrade MM has ceased offering the Volume Support service and permanently shut down the related wash-trading bots. The company also posted a statement on its website acknowledging that volume support is a form of wash trading and is illegal under U.S. law. The DOJ said the case was handled jointly by the U.S. Attorney's Office and the Boston division of the Federal Bureau of Investigation (FBI).
Boston Court Fines MyTrade Founder $10,000
The U.S. Department of Justice (DOJ) said Liu Zhou, founder and principal operator of crypto financial services firm MyTrade, has been fined $10,000 by a federal court in Boston. The penalty follows his involvement in a cryptocurrency market manipulation conspiracy, the department announced.
Prosecutors: Bots Powered the "Volume Support" Service
Prosecutors said MyTrade offered a "Volume Support" service to crypto projects through its MyTrade MM platform. The operation used bots to execute wash trades across multiple crypto exchanges, artificially inflating trading volume and market activity. That, prosecutors said, misled investors.
Plea Agreement Ends Service, Shuts Down Bots
Under the plea agreement, MyTrade MM stopped offering the Volume Support service and permanently shut down the related wash-trading bots. It also published a statement on its website acknowledging that volume support is a form of wash trading and is illegal under U.S. law.
The DOJ said the case was handled jointly by the U.S. Attorney's Office and the Boston division of the Federal Bureau of Investigation (FBI).
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