The FBI launched a unique tactic to ‘trap’ cryptocurrency manipulators

by nativetechdoctor
1 minutes read

In a recent development, the US Federal Bureau of Investigation (FBI) has conducted a covert operation known as ‘Operation Token Mirrors’ to combat cryptocurrency-related crime. The FBI created a cryptocurrency called NexFundAI, based on Ethereum, which was promoted as an investment opportunity in early-stage AI projects. The primary objective of this initiative was to ensnare individuals engaging in market manipulation tactics such as ‘pump-and-dump’ to illegally profit from the cryptocurrency market.

This operation has resulted in the indictment of 18 individuals and four cryptocurrency companies on charges of fraud and market manipulation. Furthermore, the FBI has seized over $25 million in cryptocurrency and deactivated multiple trading bots used to manipulate the prices of around 60 different cryptocurrencies.

The FBI’s innovative approach of creating its cryptocurrency to ensnare manipulative actors represents a significant stride in its efforts to combat crime, particularly within the burgeoning cryptocurrency sector. However, the operation has sparked some controversy, with experts raising concerns about potential violations of open-source licenses and accidental exposure of information related to the FBI’s cryptocurrency wallets.

Presently, the FBI is actively investigating and reaching out to potential victims of fraud associated with NexFundAI. The ‘Token Mirrors’ campaign is anticipated to serve as a warning to individuals intending to exploit the cryptocurrency market for criminal activities.

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