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The FBI reportedly launched its own cryptocurrency, 'NexFundAI Token,' as part of a sting operation to expose and apprehend fraudulent actors in the crypto space.
This move was revealed alongside charges brought against four cryptocurrency firms and 14 individuals, accused of market manipulation.
Among the accused were market-making companies, with one having faced previous allegations of manipulating memecoin prices, as highlighted by crypto investigator ZachXBT last year.
The FBI’s strategy involved setting up a fake token and company to infiltrate the market, aiming to trap those involved in illicit activities.
According to official statements, the NexFundAI Token operated on the Ethereum blockchain as a security under law enforcement supervision.