Internal messages in hydro scandal describe a pump-and-dump for a worthless token
judge on April 20, also requires former Hydrogen Chief Executive Michael Kane to pay $260,000 in fines and interest.in which Tyler Ostern, the former CEO of Moonwalkers, a company that acted as a"market maker" for newly issued tokens, was forced to pay $42,000 after he was accused of manipulating the market by using a bot that issued multiple buy and sell orders, often canceling them before they were executed, to fake the appearance of robust trading in hydro.
With that done, Kane and Hydrogen began selling their tokens while Moonwalkers’ bot began buying them. The SEC quotes from their internal conversations, which describe a classic pump-and-dump scheme:
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