DOJ indicts 10 crypto market-making executives in FBI wash-trading sting; three extradited from Singapore

The US Department of Justice has charged 10 foreign nationals tied to four crypto market-making firms—Gotbit, Vortex, Antier, and Contrarian—accusing them of running pump-and-dump schemes fueled by wash trading. Prosecutors say the firms repeatedly acted as both buyer and seller to manufacture trading volume, push up token prices, and then sell into the rally at the expense of investors. The case arises from Operation Token Mirrors, an FBI and IRS undercover effort in which agents created their own cryptocurrency tokens to identify and document services allegedly offering market manipulation. Three defendants, including two chief executives, were arrested in Singapore and extradited to the US to appear in federal court in Oakland. Those extradited include Vortex CEO Gleb Gora, 24, a Russian national; Contrarian CEO Manu Singh; and associate Vasu Sharma. The DOJ said two Gotbit employees had previously pleaded guilty and been sentenced. Each charge carries potential penalties of up to 20 years in prison and a $250,000 fine. Authorities said more than $1 million in cryptocurrency has been seized.