The U.S. Department of Justice has charged 10 foreign nationals connected to four cryptocurrency firms—Gotbit, Vortex, Antier, and Contrarian—with orchestrating international market manipulation schemes. According to the announcement, three defendants were extradited from Singapore and two have already pled guilty. The charges resulted from an FBI sting operation that created crypto tokens to expose “pump-and-dump” activities, which prosecutors allege caused investor losses.
Federal prosecutors charged 10 individuals tied to four “market maker” firms with manipulating digital asset prices. They allege the defendants conspired to artificially inflate trading volumes and cryptocurrency prices before selling to “unwitting investors” at inflated values.
The U.S. Department of Justice announced charges Monday, stating authorities have seized more than $1 million in cryptocurrency. Prosecutors said “These so-called pump-and-dump schemes caused losses to investors in the United States and elsewhere.”
Three defendants, including senior executives, were extradited from Singapore and appeared in a U.S. district court. Two other individuals have already entered guilty pleas and received sentences.
The case shows U.S. authorities targeting overseas actors whose alleged activities affect American markets. The charges stem from an FBI undercover operation using a bureau-created token, a technique also used in October 2024 charges against 18 individuals and entities.
In March 2025, Gotbit founder Aleksei Andriunin reached a plea agreement with U.S. authorities. He forfeited $23 million in cryptocurrency assets in connection with market manipulation charges.
Other recent DOJ actions have targeted privacy tool developers. Authorities have also charged individuals who allegedly misused COVID relief funds to purchase digital assets.
