FBI Creates Ethereum Token To Catch Market Manipulators

According to PANews, the Federal Bureau of Investigation (FBI) has developed an Ethereum token named NexF as part of a sting operation aimed at apprehending market manipulators. This initiative has reportedly generated approximately $14,500 in profits for the FBI. The agency established a liquidity pool for NexF on Uniswap through a fictitious crypto company called NexFundAI and achieved these profits by removing part of the liquidity. This operation is part of a broader criminal case by the Department of Justice targeting market manipulation in the crypto sector, involving companies such as Gotbit, ZM Quant, CLS Global, and MyTrade. These firms are alleged to have manipulated the prices and trading volumes of around 60 cryptocurrencies through wash trading.