MyTrade founder fined $10K over crypto wash trading
MyTrade founder Liu Zhou was fined $10,000 after admitting that his crypto market-making platform used bots to conduct wash trades for dozens of tokens. MyTrade founder receives $10,000 fine A federal court in Boston ordered Liu Zhou, the founder and primary operator of crypto market maker MyTrade, to pay a $10,000 fine for his role in a market-manipulation conspiracy. U.S. District Judge Angel Kelley imposed the sentence, according to the Department of Justice. Zhou, 41, is a Canadian citizen and Chinese national. Federal prosecutors charged Zhou alongside 17 alleged co-conspirators in October 2024. He pleaded guilty to conspiracy to commit market manipulation and wire fraud. MyTrade provided market-making services through its MyTrade MM website and application. Its products included a feature called “Volume Support,” which allowed crypto projects to select how much artificial daily trading activity they wanted across specified exchanges. The platform then used automated bots to repeatedly buy and sell the same cryptocurrencies. Those transactions created the appearance of greater trading volume and market interest without serving a legitimate commercial purpose. FBI token exposed MyTrades wash-trading service U.S. authorities identified the scheme through an undercover operation involving NexFundAI, a fake crypto company created by law enforcement. Investigators launched a website and an Ethereum-based NexFundAI token, which traded