US DOJ indicts 10 for using bots to fake liquidity in crypto markets

The DOJ named Antoine Tsao, Ian Sofronov, Nemanja Popov, Gleb Gora, Sergei Ryzhkov, Michael Vogel, Manu Singh, Kushagra Srivastava, Vasu Sharma, and Sabby Singh. The four firms involved are Gotbit, Vortex, Antier, and Contrarian. The defendants hail from Russia, Taiwan, Serbia, and India.

Authorities seized over $1 million in digital assets and disabled trading bots, the DOJ said. At least two defendants had already been sentenced by early 2026 for related conduct.

The indictment follows a similar case in October 2024, when the DOJ charged 18 individuals in Massachusetts for comparable conduct. The March 2026 action signals a sustained federal enforcement campaign rather than a one-off case.

For crypto market participants, the charges reinforce the risk that reported trading volumes on some exchanges may not reflect genuine demand. The DOJ's use of undercover operations and its focus on market-making firms suggest enforcement will continue. The investigation remains ongoing, the DOJ said. No trial dates have been set.