Key Highlights
- U.S. authorities charged 10 foreign nationals from market-making firms Gotbit, Vortex, Contrarian, and Antier with wire fraud and conspiracy for allegedly running wash trading schemes to artificially inflate cryptocurrency token prices and volumes.
- Over $1 million in crypto has been seized, and defendants face up to 20 years in prison if convicted.
- Business Development Manager Sabby Singh from Indian firm Antier Solutions was named in the indictment alongside Contrarian executives, putting the spotlight on Indian crypto service providers amid growing international regulatory scrutiny.
U.S. prosecutors have unsealed charges against 10 executives and employees from four international cryptocurrency market-making firms in what authorities describe as a coordinated effort to rig digital asset markets through fake trading.
The indictments, handed down by federal grand juries in San Francisco and Oakland, accuse staff from Gotbit, Vortex, Contrarian, and Antier Solutions of wire fraud and wire fraud conspiracy.
The alleged scheme centered on “wash trading”—executing coordinated buys and sells between controlled accounts to artificially inflate trading volume and token prices. Once the illusion of strong market interest drew in retail investors, the operators reportedly planned to sell (“dump”) their holdings at the inflated values, leaving buyers with losses.
According to the Department of Justice’s official release, an FBI undercover operation, which created its own test cryptocurrency tokens, played a central role in exposing the practices. Agents posed as clients seeking market-making services and documented how the firms allegedly offered wash trading packages. More than $1 million in cryptocurrency has been seized so far.
Contrarian’s CEO Manu Singh and Business Development Associate Vasu Sharma were arrested in Singapore in October 2025 and extradited to the United States. They made initial court appearances in Oakland on March 30, 2026, and remain in federal custody. Kushagra Srivastava, Chief Financial Officer of Contrarian and Sabby Singh, a Business Development Manager at Antier Solutions Private Limited were charged with wire fraud for allegedly inflating a cryptocurrency token’s price while planning to dump their holdings at its peak by a federal grand jury in Oakland, California.
In terms of Vortex, its CEO Gleb Gora, CFO Sergei Ryzhkov, and Business Development Manager Michael Vogel were indicted on the same charges in Oakland, California in August 2025. Gora was arrested in October 2025 in Singapore.
Additionally, in March 2025, Gotbit’s employees Antoine Tsao, Ian Sorfronov, and Nemanja Popov, were charged with wire fraud conspiracy and artificially inflating crypto token prices by a ferederal grand jury in San Fransico. Tsao and Popov already pleaded guilty and received sentences.
If convicted, all defendants face up to 20 years in prison and fines of $250,000 per count.
India’s Antier Solutions in spotlight
The case has drawn particular attention to Antier Solutions Private Limited, an Indian blockchain and crypto services firm and partner firm of Contrarian, with Sabby Singh being named in the Oakland indictment alongside Contrarian’s top executives.
Antier Solutions, which has offered services ranging from DeFi development to token launches, now finds itself indirectly pulled into the U.S. enforcement spotlight. While the company itself is not charged, the involvement of one of its executives highlights growing regulatory risks for crypto service providers operating across borders, especially those assisting with liquidity and market-making for new tokens.
The operation reflects broader U.S. efforts to crack down on manipulation in the still-maturing cryptocurrency sector. Similar cases have targeted wash trading rings in recent years, with prosecutors warning that artificial volume can mislead everyday investors chasing quick gains in volatile markets.
U.S. Attorney Craig Missakian emphasized that the defendants “not only conspired to inflate trading volume and price but also profited by selling to unwitting investors.” The FBI and IRS-Criminal Investigation led the probe, with assistance from Singapore authorities on arrests and extraditions.
All defendants are presumed innocent until proven guilty. The cases are expected to test how aggressively prosecutors pursue international crypto market manipulation as digital assets continue integrating into mainstream finance.
Also read: Fed’s Michael Barr Warns Stablecoins Face Risks Despite GENIUS Act
