# FBI Launches Secret Crypto Coin to Crack Down on Pump-and-Dump Schemes! 🕵️‍♂️

**URL:** <https://onehack.st/t/fbi-launches-secret-crypto-coin-to-crack-down-on-pump-and-dump-schemes/293234>\
**Category:** News & Articles\
**Tags:** hacking\
**Created:** [October 10, 2024, 9:11pm UTC](https://onehack.st/t/fbi-launches-secret-crypto-coin-to-crack-down-on-pump-and-dump-schemes/293234 "2024-10-10T21:11:46Z")\
**Posts on this page:** 1\
**Page:** 1

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**Author:** ![TheJoker](https://onehack.st/user_avatar/onehack.st/thejoker/32/22660_2.png) [@TheJoker](https://onehack.st/u/TheJoker)\
**Post date:** [October 10, 2024, 9:11pm UTC](https://onehack.st/t/fbi-launches-secret-crypto-coin-to-crack-down-on-pump-and-dump-schemes/293234/1 "2024-10-10T21:11:46Z")

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**Summary:**

1. **Creation of NexFundAI**  
The **FBI** has developed a cryptocurrency called **NexFundAI** to investigate manipulation in the crypto markets, revealing its covert operation on Wednesday.

2. **Collaboration with Witnesses**  
This Ethereum-based token was created with assistance from “cooperating witnesses” as part of a broader investigation into fraudulent activities.

3. **Charges Filed**  
As a result of the investigation, the **Securities and Exchange Commission (SEC)** charged three market makers and nine individuals for alleged price manipulation, while the **Department of Justice** charged 18 people and entities for extensive fraud.

4. **Allegations of Fraud**  
Defendants are accused of making false claims about their tokens and engaging in “wash trades” to falsely inflate market activity, misleading investors.

5. **Old Crimes with New Methods**  
The FBI highlights that these schemes represent a modern twist on traditional financial crimes, leading to significant charges against several cryptocurrency firms and individuals involved in deceptive practices.

**Read more at:** [The Verge](https://www.theverge.com/2024/10/10/24267098/fbi-coin-crypto-token-nexgenai-sec-doj-fraud-investigation)