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News

FBI NexFundAI Token Accused of Violating MIT License Despite $200K Cap

11 mins ago - Around 3 mins mins to read

Key Points:

  • The FBI was accused of violating the MIT license by allegedly copying OpenZeppelin code for its NexFundAI token without proper attribution.
  • The FBI NexFundAI token was created to investigate crypto fraud, leading to charges against several market makers for market manipulation and wash trading.
The FBI has been accused of copyright infringement in connection with the issuance of the NexFundAI token.
FBI NexFundAI Token Accused of Violating Contract License Despite $200K Cap

Read more: FBI’s $1.7 Million Seizure Of Cryptocurrencies Reveals Bold Action 

FBI NexFundAI Token Is Accused of Copyright Violation

According to a developer at Abstract Chain with the handle @0xCygaar on X, the FBI copied several files from OpenZeppelin, one of the most-used libraries in creating smart contracts, without stating the license that comes with the library.

The process is allegedly a violation of the MIT license, which says all copies or substantial portions of the software must include an adequate licensing notice in the FBI NexFundAI token.

“I highly doubt any legal action will be taken, but it’s pretty funny that the FBI themselves are not complying with software licenses,” @0xCygaar said.

The FBI NexFundAI token is part of a bigger effort to expose the cryptocurrency market and its fraudulent actions. The token, implemented on the Ethereum blockchain, was deployed in an investigation into fraud and market manipulation related to cryptocurrency markets.

Makers of Cryptocurrency Markets Indicted in Fraud Investigation by FBI

The investigation to date has involved the indictment of various market makers and their employees from firms including Gotbit, CLS Global, and ZM Quant. According to the indictment, those firms have provided a wash trading service where token prices and trading volumes are artificially inflated in order to gain from reduced exchange fees and then manipulate the market.

The prosecutors said the companies that committed fraud related to tokens included Robo Inu, VZZN, and Saitama. Defendants allegedly performed “wash trading” of such tokens on centralized exchanges with the assistance of bots. One defendant supposedly requested a meeting payment of $2,000 at the beginning of a conference that involved undercover agents in September.

While that successfully took the involved bots out of operation, the FBI NexFundAI token changes hands to this day, at a market capitalization of some $200,000, if data from DEX Screener is anything to go by.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

FBI

FBI NexFundAI Token

MIT License

NexFundAI

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Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.
News

FBI NexFundAI Token Accused of Violating MIT License Despite $200K Cap

Key Points:

  • The FBI was accused of violating the MIT license by allegedly copying OpenZeppelin code for its NexFundAI token without proper attribution.
  • The FBI NexFundAI token was created to investigate crypto fraud, leading to charges against several market makers for market manipulation and wash trading.
The FBI has been accused of copyright infringement in connection with the issuance of the NexFundAI token.
FBI NexFundAI Token Accused of Violating Contract License Despite $200K Cap

Read more: FBI’s $1.7 Million Seizure Of Cryptocurrencies Reveals Bold Action 

FBI NexFundAI Token Is Accused of Copyright Violation

According to a developer at Abstract Chain with the handle @0xCygaar on X, the FBI copied several files from OpenZeppelin, one of the most-used libraries in creating smart contracts, without stating the license that comes with the library.

The process is allegedly a violation of the MIT license, which says all copies or substantial portions of the software must include an adequate licensing notice in the FBI NexFundAI token.

“I highly doubt any legal action will be taken, but it’s pretty funny that the FBI themselves are not complying with software licenses,” @0xCygaar said.

The FBI NexFundAI token is part of a bigger effort to expose the cryptocurrency market and its fraudulent actions. The token, implemented on the Ethereum blockchain, was deployed in an investigation into fraud and market manipulation related to cryptocurrency markets.

Makers of Cryptocurrency Markets Indicted in Fraud Investigation by FBI

The investigation to date has involved the indictment of various market makers and their employees from firms including Gotbit, CLS Global, and ZM Quant. According to the indictment, those firms have provided a wash trading service where token prices and trading volumes are artificially inflated in order to gain from reduced exchange fees and then manipulate the market.

The prosecutors said the companies that committed fraud related to tokens included Robo Inu, VZZN, and Saitama. Defendants allegedly performed “wash trading” of such tokens on centralized exchanges with the assistance of bots. One defendant supposedly requested a meeting payment of $2,000 at the beginning of a conference that involved undercover agents in September.

While that successfully took the involved bots out of operation, the FBI NexFundAI token changes hands to this day, at a market capitalization of some $200,000, if data from DEX Screener is anything to go by.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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