Reasons Behind the FBI Creating Its Own Cryptocurrency to Break into the Digital Currency Sphere

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                <img src="https://static.toiimg.com/thumb/msid-114187510,imgsize-122032,width-400,resizemode-4/114187510.jpg" alt="An explanation of the FBI's initiative to launch its own cryptocurrency for undercover operations" title="FILE PHOTO: FBI headquarters building is seen in Washington, U.S., December 7, 2018. REUTERS/Yuri Gripas/File Photo" decoding="async" fetchpriority="high"/>
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            <span title="FILE PHOTO: FBI headquarters building is seen in Washington, U.S., December 7, 2018. REUTERS/Yuri Gripas/File Photo">FILE PHOTO: FBI headquarters building is seen in Washington, U.S., December 7, 2018. REUTERS/Yuri Gripas/File Photo</span>
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      The Federal Bureau of Investigation (FBI) introduced an Ethereum-based digital token named <span class="strong " data-ua-type="1" onclick="stpPgtnAndPrvntDefault(event)">NexFundAI</span> to delve into the <a target="_blank" href="https://timesofindia.indiatimes.com/topic/cryptocurrency" styleobj="[object Object]" class="" frmappuse="1">cryptocurrency</a> realm as part of an undercover operation aimed at unearthing fraud within cryptocurrency exchanges. The Verge reported that this initiative utilized "cooperating witnesses" to develop the token.
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      The sting led to legal actions against several actors, including three which held significant influence in the market, plus nine charged for artificially inflating cryptocurrency value through misleading trading practices. The accused market makers, namely <span class="strong" data-ua-type="1" onclick="stpPgtnAndPrvntDefault(event)">ZMQuant, CLS Global, and MyTrade,</span> reportedly turned a blind eye to the fact that NexFundAI was an FBI-crafted project while they manipulated its trading volume.
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      As outlined by The Verge, one market maker from MyTrade MM, Liu Zhou, allegedly boasted about MyTrade MM's superiority in controlling "pump and dump" situations, which simplifies insider trading. According to Special Agent Jodi Cohen from the FBI's Boston division, this sting operation revealed familiar patterns of financial misconduct, albeit with a new technological twist.
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      Although the trading volume of NexFundAI was minimal, CoinDesk was informed by an FBI representative. Yet, from the fraudulent activities, the Department of Justice managed to recover $25 million intended to reimburse swindled investors.
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