MyTrade Founder Fined After Guilty Plea in Crypto Wash Trading Scheme
- MyTrade founder Liu Zhou admitted running a crypto wash trading scheme.
- An undercover FBI operation exposed fake crypto trading across 60 tokens.
- Regulators are widening efforts to crack down on crypto market manipulation.
U.S. authorities fined MyTrade founder Liu Zhou $10,000 after he pleaded guilty to running a cryptocurrency market manipulation scheme involving conspiracy to commit market manipulation and wire fraud. Prosecutors said Zhou used his firm, MyTrade MM, to provide wash trading services that artificially inflated trading volumes across digital asset exchanges.
Zhou, a Canadian citizen and Chinese national, used automated trading bots to generate fake trading activity for nearly 60 cryptocurrencies before investigators shut down the operation.
Bots Drove Artificial Trading
The scheme was uncovered through an undercover FBI operation involving Ne…
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