The US has brought the first-ever charges against financial services firms for alleged market manipulation and ‘wash trading’ in the cryptocurrency industry. A total of 18 people and entities have been charged with widespread fraud and manipulation in the cryptocurrency markets, and the charges were unsealed in Boston. Four defendants have pleaded guilty, another has agreed to plead guilty, and authorities have apprehended three other defendants in Texas, the United Kingdom, and Portugal this week. More than $25 million in crypto has been seized, with multiple trading bots deactivated. A United States Attorney’s Office, District of Massachusetts, press release, says: “According to the charging documents, the defendants who created cryptocurrency companies made false statements about their cryptocurrencies (“tokens”) and executed sham trades in those tokens (“wash trades”) to create the appearance of trading activity that would make the tokens look like good investments. “These deceptive tactics allegedly attracted new investors and purchasers, which resulted in an increase in the tokens’ trading prices.