5 Charged for Hydro Token Market Manipulation

The US Department of Justice has charged five individuals for conspiring to manipulate the market in relation to an alleged scheme involving the Hydro (HYDRO) token. The charges include conspiracy to commit securities price manipulation and wire fraud, with potential penalties ranging from five years to 20 years in prison.

Timeline of Hydro

A South African citizen and two U.S. nationals are among the five individuals charged in Miami for manipulating the HYDRO virtual asset created by the Hydrogen Technology Corporation.

Two of the individuals charged by the DOJ were previously booked by the U.S. SEC for their roles in effectuating the unregistered offers and sales of HYDRO, which the agency described as crypto securities.

Hydrogen Technology Corporation and its former CEO, Michael Ross Kane, have settled a lawsuit brought against them by the Securities and Exchange Commission (SEC) for alleged cryptocurrency price manipulation. The settlement requires the firm and Kane to pay $2.8 million in remedies and penalties.

In a major victory for the U.S. Securities and Exchange Commission (SEC), the agency has won a lawsuit against Hydrogen Technology Corp., a California-based company accused of conducting an unregistered securities offering. The company has been ordered to pay $2.8 million in penalties and disgorgement.