The U.S. Department of Justice (DOJ) has exposed large manipulation schemes that have been ongoing for years in the crypto market. The official charges announced on March 30 (2026) shook the crypto world: 10 foreign citizens associated with 4 well-known market maker companies (Gotbit, Vortex, Antier, and Contrarian) are accused of wash trading and pump-and-dump schemes to artificially inflate token prices and trading volumes.
What are the main points of the charges?
According to a statement from DOJ prosecutors in the Northern District of California, executives and employees of these companies (including two CEOs – Gleb Gora from Vortex and Manu Singh from Contrarian) engaged in coordinated fake trades. Main tactics:
- Wash Trading: The same group or bots act as both buyers and sellers, creating fake trading volume. This causes the token to appear 'liquid' and 'popular'.
- Pump-and-Dump: After artificially inflating the price, insiders sell their holdings at a high price, while ordinary investors are left with losses.
As part of a covert operation by the FBI and IRS-CI, even fake crypto tokens were created, and market makers offered this 'service' for money. As a result, thousands of investors from the US and other countries have been deceived. To date, more than $1 million in crypto assets has been seized. Some of the accused (e.g., Gotbit employees Antoine Tsao and Nemanja Popov) have already pleaded guilty and been convicted. Three individuals (Gora, Singh, and Vasu Sharma) have been extradited from Singapore and are currently in prison.
Each accused could face up to 20 years in prison and a fine of $250,000. This is among the first major criminal charges against market maker firms in the crypto industry.
What does this change?
- Warning for investors: Fake volume and price manipulations are still widespread. Be especially cautious with newly listed altcoins and meme coins!
- Market cleanup: The DOJ's 'Operation Token Mirrors' operation, which started in 2024, is ongoing. Companies like Gotbit have already paid $23 million in fines and ceased operations.
- The advantage of trusted platforms: Trading on regulated and transparent exchanges like Binance is now more important. Here, the volume is real, and the risk of manipulation is minimal.
The DOJ's action is an important signal to restore confidence in the crypto market. The global fight against those offering 'manipulation services' is intensifying. But remember: Crypto is still a risky market. Do your research, follow the DYOR (Do Your Own Research) principle, and only use trusted platforms.
Source: Official DOJ press release (March 30, 2026) and FBI investigation 🔥