The U.S. government has indicted 18 individuals and companies for fraud and market manipulation in the crypto industry. The charges were unsealed in Boston, targeting leaders from four cryptocurrency firms and four financial service companies known as "market makers." These market makers, along with employees of the crypto firms, are accused of orchestrating a massive fraud that involved manipulating the prices of crypto tokens through wash trades. Several defendants have already pleaded guilty or been apprehended, and authorities have seized over $25 million in crypto. The accused companies engaged in deceptive practices to artificially inflate the value of their tokens and then sold them at higher prices in "pump and dump" schemes. The investigation, called "Operation Token Mirrors," is the first time law enforcement has used a government-created cryptocurrency to catch fraudsters. Investors are reminded to be vigilant and do their homework before investing in the crypto industry.



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