By Nate Raymond

BOSTON (Reuters) -Four cryptocurrency companies and 14 individuals have been charged in what U.S. prosecutors on Wednesday called the first criminal prosecution of financial services firms for market manipulation and sham trading in the crypto sector.

Federal prosecutors in Boston charged the firms Gotbit, ZM Quant, CLS Global and MyTrade and their leaders and employees in a case that also involved charges of people overseas. Five people have agreed to plead guilty or have already done so.

Prosecutors accused the defendants of engaging in the crypto equivalent of stock market “pump and dump” schemes that involved sham trades to artificially inflate the trading volume of various cryptocurrency tokens before selling them off.

Prosecutors said the largest of the companies involved in the various schemes, Saitama, at one point came to have a market value of $7.5 billion, after its leadership began manipulating the market for its tokens and secretly selling them.

Its chief executive, Manpreet Kohli, was arrested on Monday in the United Kingdom. Five other current or former employees were also charged, and three have pleaded guilty.

Others charged were Aleksei Andiunin, the chief executive of Gotbit, a cryptocurrency “market maker” who lived in Russia and Portugal. He was charged along with two of his company’s employees in Russia and could not be reached for comment.

Prosecutors said that from 2018 to 2024, Gotbit engaged in a form of market manipulation called “wash trading” on behalf of several cryptocurrency clients, earning tens of millions of dollars at the expense of investors. In wash trading, a financial asset is bought and sold for the express purpose of misleading the market.

Prosecutors cited a 2019 interview Andiunin gave in a YouTube view in which he detailed how his business had developed a code to artificially inflate trading volume for tokens for the purposes of getting them listed on crypto exchanges.

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Three other individuals residing overseas who worked at cryptocurrency “market makers” that prosecutors said advertised market manipulation services to clients were also charged.

They are Liue Zhou, the Chinese founder of MyTrade, who according to court papers has agreed to plead guilty; Baijun Ou of Hong Kong, who worked at ZM Quant, and Andrey Zhorzhes of the United Arab Emirates, an employee of CLS Global.

They could not be immediately reached for comment.

Others charged were Michael Thompson of Virginia, who worked at a cryptocurrency company called VVZZN founded by a former Saitama employee, and Bradley Beatty of Florida, who prosecutors said fraudulently promoted his crypto company, Lillian Finance.

(Reporting by Nate Raymond in Boston; Editing by Leslie Adler and David Gregorio)

Previous reports have suggested early Bitcoin enthusiasts Hal Finney, Nick Szabo and Adam Back as potential inventors of the cryptocurrency – in addition to other so-called “cypherpunks” who had been working on similar technology since the 1990s – although all have denied being Nakamoto.

Cryptocurrency wallets believed to belong to Nakamoto hold around 1m Bitcoin, worth more than $60bn (£46bn). Their contents have not been touched.

A 2014 Newsweek article identified Dorian Nakamoto, a Japanese American living in California, as the creator. However, he denied knowing anything about Bitcoin.

In 2016, Craig Wright, an Australian computer programmer, told the BBC he was the inventor of Bitcoin. Mr Wright later launched a series of lawsuits against rival cryptocurrency developers who challenged his claims, accusing them of defamation.

However, earlier this year, a High Court judge ruled Mr Wright was not Nakamoto and had instead “lied extensively and repeatedly” and committed “forgery on a grand scale” to back up his claim.

The claim that Mr Todd, who would have been 23 at the time of the creation of Bitcoin’s white paper, is Nakamoto was met with scepticism from cryptocurrency experts.

In the documentary, Mr Todd said the suggestion he was Nakamoto was “ludicrous”, before adding: “Yeah, yeah. Of course I am Satoshi Nakamoto, and I’m Craig Wright.”

SafeWallet, a non-custodial cryptocurrency wallet, released an updated app with enhanced asset management, customizable features, and improved security. It supports popular cryptocurrencies, offers educational resources, and plans to introduce more secure transactions and market analysis tools.

Dubai, UAE – October 9, 2024 —

SafeWallet, a leading non-custodial cryptocurrency wallet, has released an updated version of its app. This release enhances functionality and security, allowing users to manage digital assets more effectively. Trusted by thousands.

About SafeWallet

SafeWallet is an innovative non-custodial cryptocurrency wallet that offers users full control over their digital assets. The wallet supports a wide range of cryptocurrencies and allows users to securely conduct transactions without third-party involvement. SafeWallet was created with the goal of providing a simple and reliable tool for anyone who wants to manage their crypto assets safely.

What’s New in SafeWallet?

The updated SafeWallet brings a number of improvements and new features. The application supports the most popular cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Tron (TRX), and many other tokens. We constantly expand the list of supported assets, adding new tokens as they become popular. The app also includes smooth animations that improve user experience, making asset management more intuitive and visually engaging.

One of the key updates is the addition of new tools for asset management. Users can now track their investments, analyze current rates and forecasts, and perform Ethereum blockchain exchanges with minimal fees. SafeWallet is integrated with leading decentralized exchanges, allowing users to trade cryptocurrencies without trusting their assets to centralized platforms.

Convenience and Usability

SafeWallet is designed for both beginners and experienced users. The app now offers customizable features: users can manage token displays, change token order, address placement, and even rename tokens, tailoring the app to their preferences.

SafeWallet provides users with the ability to flexibly manage the appearance of the application. On the token homepage, users can enable or disable token displays, change their order, manage the placement of addresses within each token, and even rename them. This makes the app experience highly customizable, allowing each user to tailor the interface to their preferences.

Additionally, SafeWallet makes cryptocurrencies accessible to everyone, regardless of knowledge or experience. The company is actively developing educational materials to help users better understand how blockchains, tokens work, and how to safely use these technologies in everyday life. The app includes detailed instructions and tips for working with cryptocurrencies, making it an ideal choice for beginners.

SafeWallet offers users a unique feature to generate personalized addresses on the TRC-20 network. When creating an address, users can choose the last three characters, making their address unique and memorable. This not only adds an element of individuality but also provides a convenient way to identify wallets during transactions.

Security and Privacy

Security is SafeWallet’s top priority. Unlike other wallets, SafeWallet does not require KYC, allowing users to remain anonymous while fully controlling their private keys. This prevents third-party access and ensures privacy.

SafeWallet uses advanced encryption to protect data and transactions, minimizing risks associated with cryptocurrency theft or loss. The application is continuously evolving, with the team regularly introducing new technologies to further enhance user security.

Support and User Interaction

The SafeWallet team is committed to providing top-notch customer service. Users can rely on round-the-clock support via chat and email. In case of any questions or issues, the support team will promptly resolve them, which is especially important for those just getting started in the world of cryptocurrencies.

SafeWallet is also building an active user community, giving them access to forums, discussions, and the latest crypto news. This allows users to stay up to date with the latest trends and events in the digital asset world while sharing their experiences and knowledge.

Additionally, SafeWallet has integrated Wallet Connect, which allows users to easily connect to decentralized applications and interact with DeFi services directly from the wallet, simplifying the process of working with various blockchains and platforms.

SafeWallet’s Future Plans

SafeWallet is actively working on further development and plans to introduce even more features in the near future. Planned improvements include expanded support for additional cryptocurrencies, the ability to use multi-signatures to enhance transaction security, and integration with decentralized financial tools (DeFi).

The company also plans to introduce new market analysis tools that will allow users to make more informed decisions about managing their assets. SafeWallet aims to become not just a storage wallet for cryptocurrencies, but a full-fledged platform for interacting with the financial products of the next generation.

Conclusion

SafeWallet strengthens its position as a trusted, non-custodial wallet. With each update, it becomes more functional, providing full control over assets and reducing risks from centralized platforms. Through innovation and constant improvement, SafeWallet remains a reliable solution for secure cryptocurrency management.

Social Media Contact

Twitter- Safewallet

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Contact Info:
Name: Twogan Tedeyev
Email: Send Email
Organization: SafeWallet
Website: https://safecryptowallet.io/

Disclaimer:

This press release is for informational purposes only. Information verification has been done to the best of our ability. Still, due to the speculative nature of the blockchain (cryptocurrency, NFT, mining, etc.) sector as a whole, complete accuracy cannot always be guaranteed.

You are advised to conduct your own research and exercise caution. Investments in these fields are inherently risky and should be approached with due diligence.

Release ID: 89143108

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