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ARTICLE · 07 NOVEMBER 2024

FINRA Report Addresses Metaverse, Settlement Approved In NFT Class Action

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The U.S. Department of Justice (DOJ) recently announced that the founder and primary operator of MyTrade, "a financial services firm known in the cryptocurrency industry as a ‘market maker...

United StatesTechnology
Robert A. Musiala Jr.
Robert A. Musiala Jr.
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The U.S. Department of Justice (DOJ) recently announced that the founder and primary operator of MyTrade, "a financial services firm known in the cryptocurrency industry as a 'market maker,'" has pleaded guilty "for his role in a wide-ranging conspiracy to manipulate cryptocurrency markets on behalf of client cryptocurrency companies." According to a press release, MyTrade allegedly provided "wash trading" services by, among other things, providing its clients with access to a dashboard available through its website that allowed clients to specify the desired amount of daily wash trades (described as "Volume Support") on identified cryptocurrency exchanges. The press release further notes that MyTrade "used computer programs known as 'bots' to generate ... fraudulent wash trades for clients" and used such "wash trading bots ... for millions of dollars' worth of daily wash trades for approximately 60 different cryptocurrencies."

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