The U.S. Department of Justice charged ten foreign nationals in an alleged cryptocurrency pump-and-dump operation. Prosecutors say the defendants inflated trading volume and price to sell at peak levels, harming investors.

The U.S. Department of Justice announced charges against ten foreign nationals tied to an alleged international cryptocurrency market-manipulation scheme described as “pump-and-dump.” Prosecutors allege that the defendants coordinated activities to artificially raise the price and trading volume of certain cryptocurrencies, creating momentum that encouraged others to buy. After the price reached a peak, the scheme allegedly enabled insiders to sell holdings at advantageous times, leaving other market participants exposed to losses when prices later declined. DOJ’s announcement emphasizes the cross-border nature of the case, describing a coordinated effort with participants located outside the United States yet connected to markets and investors. The filing alleges the conduct was designed to mislead investors about genuine market demand rather than organic trading. By targeting market mechanics—such as order patterns and publicity that can drive retail interest—pump-and-dump operations can rapidly shift sentiment and create a temporary valuation spike. Prosecutors said the matter affected investors in the U.S. and elsewhere, reflecting how cryptocurrency trading can be globally accessible. The charging decision signals an effort to deter market manipulation and pursue accountability against participants attempting to exploit crypto volatility for profit through coordinated trading behavior.