TLDR
- US grand juries charged 10 people tied to four crypto market making firms.
- Three defendants were extradited from Singapore and appeared in federal court in Oakland.
- Prosecutors said the schemes inflated token volume and price through wash trading.
- More than $1 million in cryptocurrency has been seized in the investigation.
US authorities have charged 10 crypto finance executives and employees in a case over inflated token volume and prices. The case focuses on four firms, and it follows an undercover FBI operation that targeted illegal trading activity.
Federal prosecutors said the defendants worked at Gotbit, Vortex, Contrarian, and Antier. They alleged that the group used false trading to raise token prices and volumes, and then sold tokens to investors at those inflated levels.
Charges focus on four crypto market making firms
The indictments were returned by federal grand juries in San Francisco and Oakland. Prosecutors said the defendants faced wire fraud and wire fraud conspiracy charges. The government said the conduct harmed investors in the United States and abroad.
The Justice Department described the firms as crypto market makers. Prosecutors said some employees and executives planned trades that created fake market activity. The goal, according to the indictments, was to make tokens look more active and more valuable.
Two defendants have already pleaded guilty in the case. Antoine Tsao pleaded guilty on June 2, 2025. Nemanja Popov pleaded guilty and was sentenced on February 10, 2026. Both cases were handled by Judge Araceli Martínez-Olguín in Oakland.
Prosecutors said more than $1 million in cryptocurrency has been seized so far. They also said the charges are allegations only. Each defendant remains presumed innocent unless guilt is proven in court.
Three defendants were extradited from Singapore
The latest court action involved three men who were arrested in Singapore and sent to the United States. Gleb Gora of Vortex, Manu Singh of Contrarian, and Vasu Sharma of Contrarian made initial appearances in Oakland after extradition.
Gora, 24, was identified as the chief executive officer of Vortex. Singh, 34, was identified as the chief executive officer of Contrarian. Sharma, 26, was identified as a business development associate at Contrarian. All three are now in federal custody.
The Vortex indictment was returned on August 28, 2025, in Oakland. It charged Gora, Sergei Ryzhkov, and Michael Vogel. Prosecutors said they planned to inflate a token price and then sell after trading reached a high point.
The Contrarian and Antier case was charged on September 4, 2025, in Oakland. It named Manu Singh, Kushagra Srivastava, Vasu Sharma, and Sabby Singh. Prosecutors said they planned to push up a token price and then dump their holdings.
Investigators used an undercover crypto token operation
The FBI and IRS Criminal Investigation led the probe. The FBI also ran an undercover operation and created several cryptocurrency tokens. Investigators said this helped them identify alleged “wash trading” in the industry.
Prosecutors said wash trading happens when the same trader, or linked traders, act as both buyer and seller. That can make a token appear to have real demand. Authorities said that false signal can draw in outside investors.
US Attorney Craig H. Missakian, FBI Acting Special Agent in Charge Matt Cobo, and IRS-CI Special Agent in Charge Linda Nguyen announced the case. The Justice Department also credited US and Singapore officials for the arrests and extraditions.
If convicted, the defendants could face up to 20 years in prison for each wire fraud count. They could also face a fine of $250,000 for each violation.
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