Liu Zhou, a 39-year-old individual with ties to both China and Canada, is set to be sentenced early next year in federal court for his involvement in the wash trading of client cryptocurrencies across multiple cryptocurrency exchanges, as disclosed by the Department of Justice (DOJ).
Wash trading is a deceptive practice that involves artificially inflating asset prices by creating the illusion of substantial transaction activity.
Zhou’s sentencing highlights the continued efforts by authorities to crack down on fraudulent activities in the cryptocurrency market and hold individuals accountable for engaging in illegal trading practices.
