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Federal Court Just Ruled Crypto Is Not Actually Magic Money That Can Be Manipulated by Anyone Without Consequences

An illustration of a cryptocurrency token with chains locked around it as if in handcuffs being held up against the backdrop of an American flag, while two men are shown standing behind bars. The background is filled with falling dollar signs that have been replaced by broken chains symbolizing freedom from manipulation and corruption. A faint image of a trading bot can be seen on one side of the illustration surrounded by red warning lights as if malfunctioning.

It looks like the crypto bros are finally getting their comeuppance! Two men have been sentenced for manipulating cryptocurrency prices, marking the first instance where a U.S. court has declared that “a cryptocurrency was a security” (oh surprise!). The jury found them guilty of securities price manipulation and wire fraud – no big shock there either

Source: bitcoin.com

In a landmark federal case, two men were sentenced for manipulating the price of a cryptocurrency and defrauding investors, marking the first instance where “a jury in a federal criminal trial found that a cryptocurrency was a security and that manipulating cryptocurrency prices was securities fraud,” said the head of the Justice Department’s Criminal Division. The U.S. Department of Justice (DOJ)’s Office of Public Affairs announced on Tuesday that “two […]

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