According to Wu Blockchain, the U.S. Department of Justice announced that Liu Zhou, founder and primary operator of crypto market-making service MyTrade, has been fined $10,000 by a federal court in Massachusetts for conspiracy to commit market manipulation and wire fraud. MyTrade used trading bots to provide clients with so-called 'trade volume support' services, engaging in wash trading across multiple exchanges to artificially inflate token trading volumes and price activity. As of October 2024, this service catered to dozens of clients, with the bots generating millions of dollars in daily wash trades for approximately 60 cryptocurrencies. The case was uncovered through an undercover investigation by law enforcement, which involved setting up a fake crypto project called NexFundAI. Zhou pleaded guilty in October 2024 and agreed to cease the related services and permanently shut down the trading bots used for wash trading. https://(wublock123.com)/news/mytrade-founder-fined-10000-for-market-manipulation-66051