Close Menu

    Subscribe to Updates

    Get the latest creative news from FooBar about art, design and business.

    What's Hot

    Bitcoin Mining Management Software Features 2025

    July 3, 2025

    Devin AI: A Game Changer or Threat 2025

    July 3, 2025

    What Are The Best Binary Options Trading Tools? 2025

    July 3, 2025
    Facebook X (Twitter) Instagram
    Cryptify Now
    • Home
    • Features
      • Typography
      • Contact
      • View All On Demos
    • Typography
    • Buy Now
    X (Twitter) Instagram YouTube LinkedIn
    Cryptify Now
    You are at:Home » Crypto firm CLS Global sanctioned in FBI’s ‘Token Mirrors’ sting op
    Crypto

    Crypto firm CLS Global sanctioned in FBI’s ‘Token Mirrors’ sting op

    James WilsonBy James WilsonApril 4, 2025No Comments2 Mins Read
    Facebook Twitter Pinterest LinkedIn Tumblr Email
    Share
    Facebook Twitter LinkedIn Pinterest Email



    CLS Global, a crypto market maker registered in the United Arab Emirates, has been hit with a $428,000 fine for wash trading of the FBI’s bait token NexFundAI.

    On April 2, a federal court in Boston sentenced CLS Global on criminal charges for manipulating trading volumes of NexFundAI token. NexFundAI is a bait token launched by FBI in March 2024 as part of a sting operation called “Operation Token Mirrors.”

    In October 2024, the U.S. Securities and Exchange Commission filed fraud charges against CLS Global and several other companies that had taken the bait, including ZM Quant Investment and Gotbit Consulting. MyTrade was also allegedly involved. The FBI reported that the operation led to the confiscation of $25 million in cryptocurrency, and several wash trading bots were shut down.

    In addition to the $428,000 fine, the court imposed a three-year probation on CLS Global, banning the company from offering services in the U.S. during this period. CLS Global had pleaded guilty to charges in January this year.

    According to a January report from Chainalysis, wash trading accounts for an estimated $2.57 billion in trading volumes within the crypto market. However, global efforts are underway to crack down on this practice, as well as broader market manipulation.

    One recent example is Galaxy Digital’s $200 million settlement last month, resolving allegations of manipulating the LUNA token following an investigation by New York regulators.

    Earlier, the SEC accused Justin Sun for manipulating the markets for BitTorrent (BTT) and Tron (TRX) through wash trading, giving the false impression of active trading and liquidity. However, the case has been put on hold.



    Source link

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    Previous ArticleElizabeth Warren wants Trump and SEC probed over crypto ties
    Next Article Traders holding onto Bitcoin despite market panic: Binance
    James Wilson

    Related Posts

    Bitcoin Mining Management Software Features 2025

    July 3, 2025

    Devin AI: A Game Changer or Threat 2025

    July 3, 2025

    What Are The Best Binary Options Trading Tools? 2025

    July 3, 2025
    Leave A Reply Cancel Reply

    Top Posts

    Remittix (RTX) hits $4m presale as XRP holders take notice

    February 4, 2025

    Here’s why OKB price spiked 20% today

    February 4, 2025

    iDEGEN price prediction: Is this the AI agent token to buy?

    February 4, 2025

    Gate.io to list CYBRO token on Dec 14 after $7M presale success

    February 4, 2025
    Don't Miss

    Bitcoin Mining Management Software Features 2025

    By James WilsonJuly 3, 2025

    To show you how exactly mining management software can make your life more comfortable, we…

    Devin AI: A Game Changer or Threat 2025

    July 3, 2025

    What Are The Best Binary Options Trading Tools? 2025

    July 3, 2025

    Reply Guy: Time to Fire Your Marketing Intern? (July 2025)

    July 3, 2025
    Stay In Touch
    • Facebook
    • Twitter
    • Pinterest
    • Instagram
    • YouTube
    • Vimeo

    Subscribe to Updates

    Get the latest creative news from SmartMag about art & design.

    Demo
    About Us
    About Us

    CryptifyNow: Your daily source for the latest insights, news, and analysis in the ever-evolving world of cryptocurrency.

    X (Twitter) Instagram YouTube LinkedIn
    Our Picks

    Bitcoin Mining Management Software Features 2025

    July 3, 2025

    Devin AI: A Game Changer or Threat 2025

    July 3, 2025

    What Are The Best Binary Options Trading Tools? 2025

    July 3, 2025
    Lithosphere News Releases

    Colle AI’s iOS App Launch Brings Multichain NFT Creation to Mobile

    February 4, 2025

    AGII Transforms Web3 Infrastructure with AI-Optimized Smart Contracts

    February 4, 2025

    Colle AI (COLLE) Allocates $250M for AI Tool Development and Liquidity Growth on Solana

    February 4, 2025
    Copyright © 2025

    Type above and press Enter to search. Press Esc to cancel.