SEC Accuses Hydrogen Of Manipulating The Price Of Its Crypto HYDRO
✍️ 29 September, 2022 - 8:24 👤 Editor: Jakub Motyka
- The SEC (United States Securities and Exchange Commission) has filed charges against Hydrogen Technology Corporation.
- They accuse Hydrogen of manipulating the price of the HYDRO cryptocurrency to make profits of more than 2 million dollars.
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The SEC charges again against a company related to cryptocurrencies. This time it was the turn of Hydrogen Technology Corporation, a crypto company that has been accused of manipulating the price of its assets to obtain profits in the market.
Hydrogen is a crypto company focused on the Web3 world that focuses on the development of an open source and decentralized ecosystem to bring all the advantages of blockchain networks to real world use cases .
SEC Accuses Hydrogen Of Manipulating The Price Of The HYDRO Token To Earn More Than 2 Million Dollars
The SEC accuses to Hydrogen for having manipulated the price of its token, HYDRO, to obtain profits at the cost of artificially altering the value of its cryptocurrency. They assure that Hydrogen would have obtained benefits of more than 2 million dollars with the "manipulation of the volume and prices" of its HYDRO cryptocurrency.
In its brief, the United States Securities and Exchange Commissions reports that Hydrogen would have used different methods to manipulate the price of its token through airdrops, marketing campaigns and employee rewards, among others.
The accusation targets the CEO of Hydrogen, Michael Ross Kane, as well as Tyler Ostern, CEO of Moonwalkers, a marketing company that would have participated in the growth strategy of the cryptocurrency in question.
Hydrogen (HYDRO) Price Drops 4.88% With The News
After the news, the price of the cryptocurrency Hydrogen (HYDRO) today has fallen by 4.88% in the last 24 hours to 0 $0.003708, with a market capitalization of $308,669. Keep in mind, however, that this crypto has been trading down for months after suffering a spectacular drop after reaching a price of $0.0795 in the middle of last year.
The SEC, let's remember, is involved in different crypto battles right now: from the Ripple trial to the Coinbase investigations, among many others. 2022 is being a very active year in terms of investigations of cryptocurrency companies in the United States.
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