The DOJ indicted 10 crypto executives for wash trading schemes. Three CEOs were extradited from Singapore. Here’s what happened.
The U.S. Department of Justice has charged 10 foreign crypto executives and employees in a wide market manipulation case.
According to the DOJ, the defendants allegedly ran coordinated wash trading schemes to inflate token prices and fake trading volume. Prosecutors said the firms later sold those tokens to unsuspecting investors at artificially high prices.
The case spans four crypto market-making firms and includes arrests, guilty pleas, and more than $1 million in seized crypto assets. Moreover, three defendants, including two CEOs, appeared in federal court in Oakland after extradition from Singapore.
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Crypto Market Manipulation Charges Target Four Firms
According to the DOJ press release, the charged firms include Gotbit, Vortex, Contrarian, and Antier.
Prosecutors said employees at these firms worked as illicit market makers for multiple cryptocurrency tokens. They allegedly placed matching buy and sell orders to create fake market activity.
This practice, known as wash trading, made the tokens appear more liquid and popular.
Consequently, outside investors saw false demand signals and entered positions at inflated prices. The DOJ said the firms then planned to sell their own holdings into that manufactured strength.
The investigation links the schemes to several separate indictments filed between March and September 2025.
Besides the new arrests, two defendants already pleaded guilty in related cases. The DOJ also confirmed that U.S. authorities have already secured convictions tied to the broader probe.
FBI Undercover Crypto Tokens Exposed Wash Trading
A major part of the case came from an undercover FBI operation.
According to the DOJ, federal agents created several crypto tokens to identify illicit trading behavior. This setup allowed investigators to directly observe how suspected market makers manipulated price and volume.
The DOJ said the defendants followed a similar playbook across the schemes. They allegedly coordinated trades between linked accounts, making the same parties act as both buyers and sellers.
As a result, the tokens showed misleading activity that looked organic to the market.
Additionally, the IRS Criminal Investigation unit supported the probe.
The agencies focused on fraudulent crypto volume inflation, a tactic regulators have increasingly targeted. The DOJ noted that the operation specifically aimed at illegal wash trading in the crypto industry.
10 Foreign National Executives and Employees of Four Different Cryptocurrency Financial Services Firms Are Charged by @USAO_NDCA With Orchestrating Fraud Schemes to Artificially Inflate the Trading Volume and Price of Cryptocurrencies. Three defendants, including 2 CEOs, were…
— U.S. Department of Justice – International (@USDOJ_Intl) March 31, 2026
Arrests, Guilty Pleas, and Extraditions From Singapore
The case also carries an international enforcement angle.
According to the DOJ, authorities in Singapore helped arrest Vortex CEO Gleb Gora, Contrarian CEO Manu Singh, and Vasu Sharma. All three now remain in federal custody in the United States.
Earlier related arrests involved Gotbit-linked employees, including Antoine Tsao and Nemanja Popov. Court records cited by the DOJ show that both later pleaded guilty in separate proceedings.
Hence, prosecutors now appear to be building a wider pattern case around crypto market manipulation services.
If convicted, each defendant could face up to 20 years in prison per violation. They could also face fines of up to $250,000 for each count.
However, the DOJ noted that all defendants remain presumed innocent unless proven guilty in court.
