MyTrade Founder Fined $10K Over Crypto Wash Trading Scheme

MyTrade founder Liu Zhou has been fined $10,000 by a federal court in Boston for his role in a market-manipulation conspiracy. Zhou pleaded guilty to conspiracy to commit market manipulation and wire fraud.

The MyTrade platform used automated bots to conduct wash trades on dozens of cryptocurrencies, generating millions of dollars in daily transactions. The scheme was exposed through an undercover operation involving the NexFundAI token, which traded on Uniswap before authorities disabled it.

Zhou admitted that his company's 'Volume Support' service was illegal and agreed to shut down the bots used for wash trading. He also acknowledged that the objective of these transactions was to attract outside buyers at the expense of others.