{"id":585704,"date":"2024-10-10T08:10:00","date_gmt":"2024-10-10T08:10:00","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=585704"},"modified":"2024-10-10T16:27:19","modified_gmt":"2024-10-10T16:27:19","slug":"fbi-sting-created-nexfundai-crypto-token-to-bring-down-fraud-scheme","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/fbi-sting-created-nexfundai-crypto-token-to-bring-down-fraud-scheme","title":{"rendered":"FBI Created NexFundAI Crypto Token To Bring Down Fraud Scheme"},"content":{"rendered":"

The FBI has charged eight companies for operating an alleged pump-and-dump scheme after creating a fake crypto token, NexFundAI, as part of an undercover sting. <\/span><\/p>\n

Crypto companies Saitama, Robo Inu, VZZN and Lilian Finance, and market makers Gotbit, ZM Quant, CLS Global and MyTradeMM were all accused of working together to manipulate the prices of over 60 low cap coins. <\/span><\/p>\n

Suits against these companies were filed on Oct. 9 by the US Securities and Exchange Commission (<\/span>SEC<\/span><\/a>).<\/span><\/p>\n

\"Ask<\/p>\n

FBI Launches NexFundAI After SEC’s Saitama Tip Off<\/span><\/h2>\n

The FBI received a tip off from the SEC that Saitama was engaging in market manipulation to increase its token’s price and make investors believe that there was interest in the project.<\/span><\/p>\n

Eventually, the investigation into the project led to the launch of NexFundAI, a fake token created by the <\/span>FBI<\/span><\/a> to observe how these on-demand market makers operated. <\/span><\/p>\n

The fake crypto only traded for 24 hours on May 31. During this period, it generated $4,600 in artificial trading volume.<\/span><\/p>\n

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Saitama Inu was a pump and dump that ran up to a $7 billion marketcap back in 2021.<\/p>\n

Given that the FBI charged them today, everyone launching pump and dumps now has until 2027 to enjoy their freedom.<\/p>\n

— Slorg (@SlorgoftheSlugs) October 9, 2024<\/a><\/p><\/blockquote>\n