“Liu Zhou, a “market maker” working with MyTrade MM, allegedly told promoters of NexFundAI that MyTrade MM was better than its competitors because they “control the pump and dump” allowing them to “do inside trading easily.””
The FBI minted an Ethereum token called NexFundAI and hired market makers to pump it. ZMQuant, CLS Global and MyTrade took the job without asking who the client was. The DOJ charged 18 people and entities. In crypto, a sting only needs a fake coin and a request for wash trades.