Key facts
- MyTrade founder Liu Zhou was fined $10,000.
- Liu Zhou avoided prison time.
- Zhou pleaded guilty to conspiracy to commit market manipulation and wire fraud.
- He operated a wash trading service.
- The service generated millions in fake daily volume.
- The scheme involved approximately 60 cryptocurrencies.
Liu Zhou, the founder of MyTrade, has received a $10,000 fine and will avoid imprisonment following his guilty plea to conspiracy charges related to market manipulation and wire fraud. Zhou was implicated in operating a wash trading service that significantly inflated trading volumes for approximately 60 different cryptocurrencies. This service generated millions of dollars in fake daily volume, a tactic designed to deceive investors and market participants by creating an illusion of high activity and liquidity. The scheme's objective was to manipulate the market by artificially boosting the perceived value and trading interest in the targeted digital assets. By pleading guilty, Zhou has admitted to his role in orchestrating this fraudulent operation.