5 Charged by DOJ Over Alleged Crypto Price Manipulation Scheme

04/25 07:09

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The US Department of Justice (DOJ) has indicted five individuals for allegedly manipulating the market of the ERC-20 Hydro token. The former CEO of Hydrogen Technology Corp., Michael Ross Kane, the chief of financial engineering of Hydrogen, Shane Hampton, and George Wolvaardt, were charged with a range of counts including conspiracy to commit securities price manipulation and wire fraud. The DOJ alleges that the three individuals, along with two others, conspired to manipulate the market for Hydro tokens, defrauding market participants and netting an approximate total of $2 million in ill-gotten profits. If found guilty, the accused could face a maximum penalty of 20 years in prison on some of the charges.

(By TOM MITCHELHILL)

DOJ

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