Three crypto executives extradited from Singapore appeared in federal court in Oakland as U.S. prosecutors expanded a wash-trading case that has now charged 10 foreign nationals tied to four crypto market-maker companies.
The court appearances mark the latest step in a U.S. crackdown on alleged wash trading in digital asset markets that began with an undercover operation unsealed in October 2024.
The U.S. Department of Justice (DOJ) said the cases, centered on Gotbit, Vortex, Antier, and Contrarian, involve schemes to inflate token prices and volumes through coordinated trading that made assets appear more liquid and in-demand than they truly were.
Vortex CEO Gleb Gora, Contrarian CEO Manu Singh, and Contrarian employee Vasu Sharma were arrested in Singapore in October 2025, extradited to the U.S., and made their first court appearances in a California court on Monday.
The indictments describe tactics including wash trading, matched orders, and other prearranged transactions designed to generate fake volume, support token prices, and create the illusion of organic investor interest before insiders sold into the market.
Earlier guilty pleas included Gotbit, which agreed to cease operations and forfeit approximately $23 million in seized cryptocurrency as part of a plea deal over alleged manipulation of thinly traded tokens.
In a related case in January, CLS Global, based in the UAE, pleaded guilty in Massachusetts to charges of manipulating trading in NexFundAI (NEXF), an FBI-created token designed to expose fraudulent crypto market making schemes. The company paid a $428,059 fine, forfeited funds on multiple exchanges, and accepted a U.S. trading ban.
U.S. prosecutors and regulators have repeatedly described wash trading as a persistent problem in crypto markets, arguing that fake volume can mislead investors about liquidity and demand.