CLS Global Faces Consequences for Wash Trading Scheme on Uniswap – BitRss

Dubai-based cryptocurrency market maker CLS Global admitted to engaging in wash trading on the decentralized exchange Uniswap (UNI ($13.32)). U.S. prosecutors from the Massachusetts District announced that the company would pay a fine of $428,059 as part of a court order. Additionally, CLS Global will be prohibited from trading on platforms accessible to U.S. investors.

FBI’s NexFundAI Scheme Exposed the Truth

CLS Global was indicted in September 2024 for market manipulation and electronic fraud conspiracy. The charges arose from a covert investigation conducted by the FBI. The agency facilitated the creation of an Ethereum (ETH ($3,299.27)) $3,294 based token named NexFundAI to monitor CLS Global and two other market makers. The NexFundAI project was later deactivated during the investigation.