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With everything in this world, we will always have good actors and then you will have bad actors, it is inevitable which is why the ancient Chinese philosophy of Yin-yang exists. In recent news, the US Department of Justice (DOJ) has charged five individuals for their involvement in a criminal conspiracy to manipulate the price of a particular cryptocurrency.Â
Additionally, the US Office of Foreign Assets Control (OFAC) has sanctioned a North Korean crypto group called Lazarus for their alleged involvement in several cryptocurrency-related cyberattacks. In this article, we will dive deeper into the details of these events and their impact on the cryptocurrency industry.
Summary
Crackdown On Cryptocurrency Crimes By US Authorities
The recent actions taken by the Department of Justice (DOJ) and the United States Office of Foreign Assets Control (OFAC) against cryptocurrency-related criminal activities mark a significant development in the regulation of the digital asset space.
The indictment of five individuals for market manipulation in the HYDRO cryptocurrency market and the clampdown on North Korean hacking group Lazarus highlights the growing concern around the impact of fraudulent activities on the financial sector.
The DOJ’s indictment for market manipulation in the HYDRO cryptocurrency is a significant development in the regulation of the digital asset space. The use of fraudulent trading practices to create a false impression of market activity is a serious offense that can have a significant impact on market participants.
The scheme allegedly involved the defendants using multiple accounts to execute wash trades by placing large buy orders to make it appear as though there was significant demand for HYDRO tokens, which led to an increase in the token’s price. The scheme is said to have taken place between June 2019 and November 2019 and resulted in the defendants making significant profits at the expense of other market participants.
The action taken by the DOJ is a reminder that fraudulent activities in the cryptocurrency market will not be tolerated and that those who engage in such activities will be held accountable. As the cryptocurrency market continues to grow and evolve, it is likely that we will see more regulatory action being taken to ensure that the market operates in a fair and transparent manner.
OFAC Sanctions Lazarus For Crypto-Related Cyberattacks
The move by the OFAC to sanction Lazarus is an important step in the fight against cybercrime, as it sends a clear message that these activities will not be tolerated. The sanctions include freezing any assets that the group may have under U.S. jurisdiction and prohibiting U.S. citizens from engaging in any transactions with the group. The sanctions also target two individuals associated with Lazarus, who are accused of being involved in the theft of cryptocurrency.
The use of cryptocurrencies by hackers has made it easier for them to steal funds and evade detection. This has made it harder for authorities to track and prevent these attacks. By targeting the financial infrastructure that supports these activities, the hope is that we can prevent further attacks and protect the integrity of the global financial system.
The US government’s action against this price manipulation scheme underscores the importance of transparency and honesty in the cryptocurrency industry. It serves as a warning to those who may be tempted to engage in similar activities and highlights the need for regulatory oversight to protect investors from fraudulent practices.
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