tl;dr
Multiple cryptocurrency companies, including Gotbit and ZM Quant, along with 12 individuals, have been charged by US federal prosecutors with market manipulation and fraud. The US Securities and Exchange Commission has also filed civil charges. The investigation involved an FBI sting operation using...
US Federal Prosecutors Charge Cryptocurrency Companies US federal prosecutors have charged multiple cryptocurrency companies, including Gotbit and ZM Quant, with market manipulation and fraud. The U.S. Securities and Exchange Commission has also filed civil charges.
The investigation involved an FBI sting operation using a fake token to uncover fraudulent activities. ZM Quant allegedly provided market-making services for cryptocurrencies and engaged in market manipulation, while Gotbit is accused of artificially inflating the trading volume of the Robo Inu token.
The SEC appreciates the assistance of the FBI and the United States Attorney’s Office for the District of Massachusetts, which today announced parallel criminal actions.
ZM Quant was offering "market-making" services for cryptocurrencies. Baijun Ou, Ruiqi Liu, and two unnamed co-conspirators who worked for the firm allegedly manipulated the trading volume and price of various cryptocurrencies in order to enrich themselves. Illegal services that included market manipulation were being privately offered to some clients.
The defendants were actively soliciting investors to buy cryptocurrencies with the help of online marketing and messaging applications. Meanwhile, Gotbit has been accused of artificially boosting the trading volume of the Robo Inu token to $1 million.
More about General Dynamics Corporation
General Dynamics Corporation Summary
General Dynamics Corporation (GD) is an American aerospace and defense corporation. It is headquartered in Reston, Fairfax County, Virginia.
Sector: Manufacturing
Subsector: Ship & Boat Building & Repairing
Market Cap: $82.07 billion
P/E Ratio: 23.28
EPS: 5.48
Dividend (Yield): 12.83 (1.64%)
52-Week High: $164.48
52-Week Low: $78.90
Revenue: $44.95 billion
Operating Margin: 324.11
Profit Margin: 20.7%
Return on Equity: 18%