The United States Department of Justice has brought charges against 10 individuals for allegedly manipulating digital asset prices through so-called “pump-and-dump” schemes.

In a Tuesday press release, federal prosecutors alleged that the defendants conspired to artificially inflate trading volumes and cryptocurrency prices before selling to unwitting investors at inflated valuations. The case centers on four market maker firms, Gotbit, Vortex, Antier, and Contrarian, with the incident dating back to 2018.

The cases have unfolded over the years, with the first phase emerging in October 2024, followed by the Gotbit-related indictment filed in March 2025, subsequently expanding with a Vortex case in August 2025 and further charges tied to Contrarian and Antier in September 2025.

Three defendants, including Vortex CEO Gleb Gora, Contrarian CEO Manu Singh, and Contrarian employee Vasu Sharma, have been arrested in Singapore and extradited to the United States, where they appeared in federal court on Monday.

Defendants engaged in deceptive tactics

The indictments claim that the defendants employed tactics including wash trading, matched orders, and other prearranged transactions to generate fake volume and support token prices, creating the illusion of genuine market demand.

“These so-called pump-and-dump schemes caused losses to investors in the United States and elsewhere,” prosecutors said. The release noted that authorities have seized more than $1 million in cryptocurrency.

Gotbit founder Aleksei Andriunin had already pleaded guilty in 2025 and agreed to forfeit approximately $23 million in crypto assets as part of a plea deal.

The DOJ has previously brought related charges against CLS Global through an FBI undercover operation, which used a bureau-created token to expose alleged market manipulation services.