CandleFocus Jump Trading accused of pump-and-dump scheme in DIO token lawsuit
2024-10-17
Author: Content Editor
FractureLabs, the developer of an online game called "Decimated," has filed a lawsuit against Jump Trading, accusing the firm of market manipulation involving the game's native token, DIO. FractureLabs alleges that Jump engaged in a "pump and dump" scheme, causing the token's price to crash after liquidating its holdings. FractureLabs claims that Jump violated an agreement to maintain the token's price within a specified range. The company is seeking the return of a $1.5 million deposit from HTX, formerly Huobi, through arbitration. This is not the first controversy involving Jump Crypto, as it was accused by the US Securities and Exchange Commission of being "instrumental" in the downfall of the UST stablecoin in a separate case. The US Commodity Futures Trading Commission has also reportedly started investigating Jump's activities in the crypto market.
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