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Manipulation Scandal in Altcoin Platform! Dubai Company Admits Guilt - Coin Bulletin
Dubai-based crypto market maker CLS Global has admitted to allegations of wash trading on the decentralized trading platform Uniswap.
According to a statement made on Tuesday by prosecutors in the Massachusetts District of the United States, CLS Global admitted to the crime and agreed to pay a total of 428,059 dollars in fines and to be prohibited from trading on public crypto platforms for US investors.
Last September, CLS Global was included in the indictment for conspiracy for market manipulation and electronic fraud and one count of electronic fraud. These accusations were revealed in a secret FBI investigation. To detect wash trading operations that manipulate the market, the FBI created a Ethereum-based token called NexFundAI and traded on Uniswap. During this process, the activities of CLS Global and two other market-making companies were revealed.
According to the FBI's statement, CLS Global documented providing wash trading services for the NexFundAI token through video conferences. During the meetings held between July and August 2024, CLS employees offered to artificially increase the token's trading volume to attract more investors and meet listing criteria on crypto exchanges.
In the prosecutor's statement, it was alleged that one of the CLS employees used the following statements:
A CLS employee stated that they made transactions from multiple wallets using their own algorithms, making the transactions more organic and difficult to track. It was mentioned that NexFundAI token trading was conducted on Uniswap through the company's trading wallets. One employee openly expressed the following words in video meetings:
Following these crimes, US officials seized CLS Global's crypto assets and shut down the project. According to the agreement, CLS Global will both pay a fine and be prohibited from participating in crypto transactions in the US markets.