MyTrade founder Liu Zhou fined $10K by DOJ for operating wash-trading bots across 60 cryptocurrencies.
Regulation & Gov ·
Liu Zhou, founder of MyTrade, received a $10,000 fine and no prison sentence after pleading guilty to market manipulation and wire fraud connected to a wash-trading operation spanning roughly 60 cryptocurrencies. MyTrade's service allowed clients to order automated fake trades daily through a dashboard feature, generating millions in fabricated volume. Zhou acknowledged to undercover agents that the scheme was designed to deceive retail buyers into losing money, and his plea agreement requires MyTrade to shut down the trading bots and post notice that volume support constitutes illegal wash trading under U.S. law.