Five Charged by DOJ for Conspiring to Manipulate ERC-20 Hydro Token Market
The United States Department of Justice (DOJ) has charged five individuals for their alleged involvement in a cryptocurrency market manipulation scheme. The scheme in question revolves around the manipulation of the market for the ERC-20 Hydro (HYDRO) token from June 2018 to April 2019.
The DOJ alleges that Michael Ross Kane, the former CEO of Hydrogen Technology Corp., along with Shane Hampton, Hydrogen’s chief of financial engineering, and George Rosa, the principal of the advisory firm, are among those involved in the conspiracy to manipulate the market.
The charges come as the DOJ continues to crack down on fraudulent activities in the cryptocurrency industry. The use of cryptocurrency has become more prevalent in recent years, and regulators have been working to ensure that the industry is free of fraudulent practices.
The indictment is a reminder that the DOJ is keeping a close eye on the cryptocurrency industry and will not hesitate to take legal action against those involved in fraudulent activities.