The U.S. Department of Justice has ruled for the first time that the crypto token HYDRO is a security

Bitget App

Trade smarter

Cointime2024/06/27 00:46

By:Cointime

The US Department of Justice has announced that HYDRO founder Shane Hampton and financial engineering director Michael Kane have been found guilty of manipulating the price of the HYDRO token for Hydrogen Technology. The law enforcement agency also stated that the sale of HYDRO constituted an unregistered investment contract, and the two were sentenced to two years and eleven months and three years and nine months in prison, respectively.

Investigations revealed that the two hired a third-party company, Moonwalkers Trading Limited in South Africa, to use automated robots to place false trades worth $7 million and false orders worth over $300 million in the HYDRO market.

Nicole Argentieri, head of the criminal division of the US Department of Justice, said: "Shane Hampton, Michael Kane and their accomplices used trading robots to manipulate the cryptocurrency prices of their company, deceiving investors. This is the first time a federal jury has found that cryptocurrency is a security and that manipulating cryptocurrency prices is securities fraud."

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.

APR up to 10%. Always on, always get airdrop.

Lock now!

Share link:In this post: UK Chancellor Rachel Reeves suggested that Britain’s trade connections with the EU are more important than with the US. The chancellor said that getting closer to the EU on trade matters is of higher priority despite her current focus on negotiations with the Trump administration. She also noted that it is important for the UK to rebuild its trading relationships with its immediate neighbors in Europe.

Cryptopolitan•2025/04/26 05:11

Nike sued over abrupt shutdown of RTFKT NFT unit

Share link:In this post: Nike is being sued by a group of buyers over the sudden shutdown of its NFT unit, RTFKT, in December 2024. Plaintiffs claim they lost money because their Nike-themed NFTs dropped in value after the shutdown. The group seeks over $5 million in damages under various state consumer protection laws.

Cryptopolitan•2025/04/26 05:11