The U.S. Department of Justice has charged 5 individuals with manipulating the price of Hydro tokens to illegally profit approximately $2 million

2023-04-25 14:34:39

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According to ChainCatcher, as reported by Cointelegraph, the U.S. Department of Justice (DOJ) has charged former Hydrogen CEO Michael Ross Kane, financial engineering head Shane Hampton, and George Wolvaardt, blockchain engineer Andrew Chorlian, and former Moonwalkers CEO Tyler Ostern with manipulating the price of Hydro tokens, resulting in illegal profits of approximately $2 million.

Kane, Hampton, and Wolvaardt are each charged with one count of conspiracy to manipulate securities prices, one count of conspiracy to commit wire fraud, and two counts of wire fraud, respectively. Ostern and Chorlian are each charged with one count of conspiracy to manipulate securities prices and wire fraud.

It is reported that Moonwalkers is a market-making company, and Tyler Ostern designed bots to execute a large number of high-value "fake orders" at obscure time intervals, making it appear as though there was extremely high demand for Hydro tokens. (source link)

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