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SEC Wins $2.8M in Suit Over Alleged Crypto Token Price Manipulation

The Securities and Exchange Commission (SEC) has won a seven-month-long lawsuit against Hydrogen Technology Corporation and its former CEO, Michael Ross Kane, who allegedly manipulated the price of cryptocurrencies. The New York District Court Judge ordered Hydrogen and Kane to pay $2.8m in remedies and civil penalties. The SEC had accused Kane of manipulating the volume and price of its ERC-20 token Hydro via Hydrogen’s market maker Moonwalkers Trading Limited. The SEC claimed Kane and Moonwalkers CEO Tyler Ostern worked "to create the false appearance of robust market activity." Kane and the firm are now bound by the settlement's conditions, which bars them from disputing the charges. (Cointelegraph)

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