MyTrade Founder Fined $10,000 for Market Manipulation

The U.S. Department of Justice announced that Liu Zhou, the founder of the cryptocurrency financial services company MyTrade, has been fined $10,000 by a federal court in Boston for participating in cryptocurrency market manipulation. Prosecutors stated that MyTrade provided "trading volume support" services to cryptocurrency projects through its platform "MyTrade MM," using bots to execute fake trades across multiple cryptocurrency exchanges, creating artificial trading volume and market activity to mislead investors. According to the plea agreement, MyTrade MM has ceased providing "trading volume support" services and permanently shut down the related volume-manipulating bots, while adding a statement on its website acknowledging that "trading volume support constitutes wash trading, which is illegal under U.S. law." The case was jointly pursued by the U.S. Attorney's Office and the Boston division of the Federal Bureau of Investigation.

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