Techub News: The U.S. Securities and Exchange Commission (SEC) has accused three self-proclaimed market maker cryptocurrency companies—ZM Quant, Gotbit, CLS Global—and nine individuals of executing "wash trading" and other economically meaningless transactions through algorithms, creating false activity and trading volume to lure retail investors into buying related cryptocurrencies. The SEC also stated that ZM Quant and CLS Global were involved in manipulating a crypto asset created under FBI guidance to facilitate a sting operation in federal investigations; the SEC has filed a lawsuit in the Federal Court of Massachusetts seeking injunctions, recovery of illegal gains, and fines.

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