In October 2024, the U.S. Federal Bureau of Investigation ( FBI ) conducted Operation Token Mirror [ 3 ] , creating a fake token, NexFundAI, to catch criminals who were committing fraud. The operation uncovered a $25 million dollar pull-up-and-shipping scheme in which traders manipulated the trading volume and price of tokens to attract unsuspecting investors. Once the price rose, the masterminds sold their holdings, causing the price to plummet. Ultimately, 18 manipulators were charged with market manipulation.