The U.S. Department of Justice has charged 10 people in a sprawling crypto market-manipulation case that investigators say used coordinated “pump-and-dump” tactics to inflate token prices and deceive investors.
According to a DOJ press release, federal prosecutors allege the defendants—linked to four market-maker firms, Gotbit, Vortex, Antier and Contrarian—conspired to create fake trading volume and support token prices through wash trades, matched orders and other prearranged transactions. Those artificial signals, prosecutors say, lured ordinary investors into buying at inflated valuations before the conspirators sold off their holdings.
“These so-called pump-and-dump schemes caused losses to investors in the United States and elsewhere,” the release said. Authorities have seized more than $1 million in cryptocurrency tied to the matter.
Timeline and developments
- The probe has unfolded in phases since October 2024.
- A Gotbit-related indictment was unsealed in March 2025.
- A separate Vortex case emerged in August 2025.
- Additional charges tied to Contrarian and Antier followed in September 2025.
- Gotbit founder Aleksei Andriunin previously pleaded guilty in 2025 and agreed to forfeit roughly $23 million in crypto as part of a plea deal.
Arrests and extraditions
Three defendants—including Vortex CEO Gleb Gora, Contrarian CEO Manu Singh, and Contrarian employee Vasu Sharma—were arrested in Singapore, extradited to the United States, and appeared in federal court on Monday, the DOJ said.
Context and significance
Market makers typically provide liquidity and facilitate trading, but prosecutors say the firms here allegedly abused that role to manufacture misleading volume and price momentum. Wash trading and matched orders are illegal when used to create a false impression of market activity because they distort prices and harm investors who rely on apparent liquidity and demand.
This action follows other DOJ and FBI efforts targeting crypto market-manipulation services. Earlier, the DOJ brought charges against CLS Global after an FBI undercover operation used a bureau-created token to unmask alleged manipulation services.
The indictments mark another high-profile enforcement push into on-chain and off-exchange trading practices, underscoring increased scrutiny of how crypto market infrastructure can be exploited to manipulate prices.
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