US prosecutors sue Gotbit and four other companies and 14 individuals for alleged market manipulation and false trading in the crypto industry

On Wednesday, the U.S. Attorney's Office in Boston charged four cryptocurrency companies and 14 individuals, accusing , , , and and their leaders and employees, including some international arrests. The prosecutors said Wednesday's action marked the "first criminal prosecution of financial services companies related to market manipulation and fraudulent trading in the cryptocurrency industry." According to a statement from the U.S. Attorney's Office for the District of Massachusetts, four defendants have agreed to plead guilty, and more than $25 million in cryptocurrency has been seized. The prosecutors said these cryptocurrency companies also hired market makers "to wash their tokens in exchange for compensation," allegedly including , , , and . Additionally, the Federal Bureau of Investigation (FBI) involved in the investigation created its own cryptocurrency, , to uncover misconduct. The U.S. SEC on Wednesday filed civil lawsuits against , , and , as well as 9 individuals. (The Block)