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US crypto wash trading case reaches court as 3 extradited, 10 charged

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Skapad April 01, 2026|2 minuter lästid
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Extraditions of executives from market makers Vortex, Contrarian, Gotbit and Antier mark the latest step in a multi‑agency effort targeting alleged “market‑manipulation‑as‑a‑service.”

Three crypto executives extradited from Singapore appeared in federal court in Oakland on Monday as US prosecutors expanded a wash-trading case that has now charged 10 foreign nationals tied to four crypto market-maker companies.

The court appearances mark the latest step in a US crackdown on alleged wash trading in digital asset markets that began with an undercover operation unsealed in October 2024, according to a Tuesday press release from the US Justice Department (DOJ).

The DOJ said the cases, which center on Gotbit, Vortex, Antier and Contrarian over conduct dating back to 2018, involve schemes to inflate token prices and volumes through coordinated trading that made assets appear more liquid and in-demand than they really were.

According to the DOJ, the Gotbit-related indictment was filed in March 2025, followed by a Vortex case in August 2025 and a Contrarian-Antier case in September 2025, building on an international enforcement push with the first charges unsealed in October 2024.

In that earlier phase, US authorities charged 18 individuals and entities in a global operation targeting widespread crypto investment fraud and market manipulation, alongside a parallel United States Securities and Exchange Commission action that outlined “market-manipulation‑as‑a‑service” offerings by Gotbit and related actors.

The DOJ said that Vortex CEO Gleb Gora, Contrarian CEO Manu Singh and Contrarian employee Vasu Sharma were arrested in Singapore in October 2025, extradited to the US, and made their first court appearances in a California court on Monday.

Related: How South Korea is using AI to detect crypto market manipulation

The indictments describe tactics including wash trading, matched orders and other prearranged transactions designed to generate fake volume, support token prices and create the illusion of organic investor interest before insiders sold into the market.

These developments follow earlier guilty pleas and penalties in related cases, including against Gotbit, which agreed to cease operations and forfeit approximately $23 million in seized cryptocurrency as part of a plea deal over alleged manipulation of thinly traded tokens.

In a related case in January, United Arab Emirates-based CLS Global agreed to plead guilty in Massachusetts to charges of manipulating trading in NexFundAI (NEXF), an FBI-created token designed to expose fraudulent crypto market making schemes, and to pay a $428,059 fine, forfeit funds on multiple exchanges and accept a US trading ban as part of its deal with prosecutors and the SEC.

US prosecutors and regulators have repeatedly described wash trading as a persistent problem in crypto markets, arguing that fake volume can mislead investors about liquidity and demand.

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Source: CoinTelegraph


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