Five individuals have been handed massive fines for ‘conspiring to manipulate the market’ using the ERC-20 Hydro (HYDRO) token. The scheme reportedly resulted in more than $2 million in investor losses. The authorities in Miami made a sealed indictment public on Tuesday. It accused two Americans and a South African of market manipulation. Additionally, authorities have named two other people in separate filings with the Southern District of Florida for participation. The Hydrogen Technology Corporation’s virtual HYDRO asset was said to be used in multi-chain DeFi and GameFi protocols. The court has accused the defendants of manipulating the market for HYDRO by creating a fake demand. It is accused of pushing high-priced purchases. In addition, they reportedly used a trading bot to place orders they did not mean to fulfill. As per the authorities, the fake trades created an illusion of market activity. The conspirators made $2 million in profits from their sales of HYDRO at higher prices, DOJ said in the statement. The charged executives include the co-founder and CEO of Hydrogen Technology, the Chief of Financial Engineering for the same company, and the Chief Technology Officer for Moonwalkers Trading Limited.
Full story : Court Charges 5 in $2M HYDRO Token Manipulation Case, SEC Records Victory.
