Liu Zhou, 41, the founder of crypto market maker MyTrade, was fined $10,000 without imprisonment by a federal court in Boston on Thursday. Zhou pleaded guilty in October 2024 to conspiracy to commit market manipulation and wire fraud alongside 17 other individuals and entities charged in the same operation. MyTrade openly sold a service called Volume Support allowing clients to order fake trade volumes executed by bots across roughly 60 cryptocurrencies, generating millions of dollars in daily fictitious volume. The FBI built a sting operation around a fictitious token called NexFundAI to gather evidence, leading to charges against 18 individuals and entities including market makers Gotbit, ZM Quant and CLS Global.
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