Three crypto executives extradited from Singapore appeared in federal court in Oakland as part of a US crackdown on wash trading in digital asset markets, which has expanded to charge 10 foreign nationals linked to four market-maker companies.
The US Justice Department (DOJ) announced that this case, stemming from an undercover operation launched in October 2024, targets coordinated schemes that inflate token prices and volumes. These practices create a deceptive perception of liquidity in the market.
Indictments relate to four companies—Gotbit, Vortex, Antier, and Contrarian—with actions dating back to 2018. The DOJ specifics included a Gotbit indictment filed in March 2025, followed by a Vortex case in August 2025 and a September 2025 indictment involving Contrarian and Antier.
In October 2024, authorities charged 18 individuals and entities in a global initiative tackling a range of crypto investment fraud and market manipulation cases, including actions by the Securities and Exchange Commission (SEC) highlighting “market-manipulation‑as‑a‑service” offerings.
Vortex CEO Gleb Gora, Contrarian CEO Manu Singh, and employee Vasu Sharma were arrested in October 2025 and made their initial court appearances in California on Monday.
The indictments allege tactics such as wash trading, matched orders, and prearranged transactions which generate artificial trading volume and support token prices. These operations mislead investors into believing there is genuine interest in the assets before company insiders sell off their holdings.
Prior cases have seen firms like Gotbit agree to cease operations and forfeit around $23 million in cryptocurrency as part of a plea deal regarding manipulation claims. In January 2025, CLS Global from the UAE pleaded guilty in Massachusetts to charges of manipulating transactions in a token created by the FBI, agreeing to a $428,059 fine among other penalties.
