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This week, the U.S. Department of Justice unsealed three indictments in the Northern District of California charging ten individuals associated with four firms—GOTBIT, Vortex, Antier, and Contrarian—connected to cryptocurrency trading activity across multiple tokens and platforms. TRM Labs is proud to have supported law enforcement in this investigation. The cases describe trading activity structured to increase apparent volume and influence token prices. According to the indictments, individuals executed large numbers of transactions between wallets they controlled, often cycling assets back and forth to create the appearance of sustained market activity. In one example cited by investigators, more than 1,200 transactions in a token were analyzed, with roughly 99% traced to wallets linked to a single firm, indicating that most of the activity was internally generated rather than driven by independent market participants. The firms operated across multiple projects, in some cases working directly with token issuers. Services included generating trading volume, maintaining price levels, and creating the appearance of liquidity on exchanges. These arrangements were ongoing, with some firms charging monthly fees to support continued trading activity over time rather than one-time engagement. Law enforcement identified patterns including repeated self-trading, coordinated timing of buy and sell orders, and the use of multiple accounts to simulate broader participation. Transactions were often structured to avoid large single trades, instead breaking activity into smaller increments to sustain volume over longer periods. The investigation involved the Federal Bureau of Investigation (FBI) and IRS Criminal Investigation and included undercover activity. Authorities created and engaged with token projects to interact directly with the firms, documenting how services were offered and executed. This allowed investigators to connect communications, financial arrangements, and on-chain activity. Blockchain intelligence was used to map wallet clusters, trace flows of funds, and identify relationships between accounts across different exchanges. Investigators were able to follow funds through multiple transactions and link activity across tokens to the same underlying actors. The individuals charged are located in multiple jurisdictions, including Europe and Asia. The cases include the seizure of digital assets tied to the activity, including approximately $1 million in USDT associated with one of the schemes. The charges include wire fraud and conspiracy to commit wire fraud. The cases are ongoing in federal court.

🇫🇷 Yesterday in Paris, we brought together senior leaders from law enforcement, the judiciary, national security, and financial crime compliance for 𝗧𝗥𝗠 𝗦𝘂𝗺𝗺𝗶𝘁 𝗣𝗮𝗿𝗶𝘀 𝟮𝟬𝟮𝟲 for an exchange on how to stay ahead of crypto- and AI-enabled crime. A key thread throughout the day was how AI-powered investigations are compressing time-to-lead — including Co-Case Agent™, which brings an embedded AI assistant into TRM Forensics to help investigators move faster. We’re grateful to the public and private sector leaders who joined us and shared their perspectives. If you missed yesterday’s Summit, you can continue the conversation with us at 𝗠𝗮𝗴𝗻𝗲𝘁 𝘅 𝗧𝗥𝗠 | 𝗟𝗲𝘀 𝗠𝗮𝘁𝗶𝗻𝗲́𝗲𝘀 𝗙𝗼𝗿𝗲𝗻𝘀𝗶𝗾𝘂𝗲𝘀, our joint roadshow with Magnet Forensics across France — including Toulouse, Rennes, Bordeaux, Lyon, Marseille, Monaco, Lille, Strasbourg, Montpellier, and Paris over the next several months. Learn more and request an invitation here 👉 https://lnkd.in/eQ4kQuBq

🇸🇬 Crypto doesn't operate in a vacuum — and neither does intelligence. From April 28–30 at MTX - Milipol TechX 2026, TRM Labs is joining forces with leading intelligence partners to show what it looks like when blockchain analytics, text and speech, and video signals all work together. The result? Faster, more confident decisions for the investigators who need them most. 📍 Find us at 𝗕𝗼𝗼𝘁𝗵 𝗟𝟭-𝗛𝟬𝟭. Register for your pass today ➡️ https://lnkd.in/eKsJEvsT Alongside: PCSS | Denodo | Everpure | Fivecast | H2O.ai | Oracle | S2W

When every second of an investigation counts, coordination can’t be manual. 𝐓𝐑𝐌 𝐃𝐞𝐜𝐨𝐧𝐟𝐥𝐢𝐜𝐭 is a free law enforcement-only platform that helps teams coordinate across investigations in real time. And it’s completely free to use. Sign up now 👉 https://lnkd.in/ebWqG7S3

AI tooling helps blockchain investigations move faster — but evidentiary standards are the same. Defensible findings require a "glass box" approach that allows investigators to explain, step by step, how they moved from raw-on chain data to real-life identities — and provides a second investigator the documentation necessary to recreate those steps, verifying the integrity of the investigation. Our recent post breaks down what strong documentation looks like in the age of AI-assisted investigations — and why disciplined documentation should be baked into investigative workflows. Read it here ➡️ https://lnkd.in/ew4KTdUt

From its earliest days, TRM has been thinking deeply about artificial intelligence (AI) — what it means for financial crime, for investigators, and for the criminals those investigators pursue. With last week's launch of Co-Case Agent and a library of research covering every angle of AI and crypto crime, TRM is helping define what the age of AI investigations looks like, and what comes next. Starting this week, the Roundup will dedicate at least one story in each edition to how AI is rapidly reshaping how we work, how we live, and how we investigate. This week, Ari Redbord, Angela Ang, and Isabella Chase cover: 🇬🇧 UK becomes first country to sanction Xinbi, a USD 19.9 billion illicit crypto marketplace linked to Southeast Asian scam compounds 🇭🇰 Hong Kong grants first stablecoin licenses to HSBC and Standard Chartered consortium under new Stablecoins Ordinance 🇺🇸 SEC Chair Atkins submits tokenization innovation exemption to White House for regulatory clearance 🇦🇺 Australia's Digital Assets Framework Bill passes Parliament, ushering in AFSL licensing for crypto platforms 🤖 Check out TRM's AI library in wake of Co-Case Agent™ launch 👮 DOJ charges ten in global crypto market manipulation scheme as FBI creates undercover tokens to expose wash trading networks

TRM Labs will be at the 𝗗𝗮𝘁𝗮 𝗘𝗻𝗴𝗶𝗻𝗲𝗲𝗿𝗶𝗻𝗴 𝗢𝗽𝗲𝗻 𝗙𝗼𝗿𝘂𝗺 on April 16. Come exchange ideas with us! Vijay Shekhawat, Amit P., and Simran B. will be on-site to discuss: ▫️ How teams are building and scaling data systems ▫️ What blockchain intelligence looks like in practice ▫️ Where your work intersects with ours If you're building, exploring, or thinking about what's next in the data and #crypto space, connect with us at the event to learn about what we’re building. And in the meantime, check out open roles at TRM: https://lnkd.in/eWy4z3ju

AI and machine learning can help accelerate #crypto investigations, but they can't establish the actors responsible for illicit crypto activity. That distinction matters. In 2025, illicit crypto volume reached USD 158 billion and AI-enabled scam activity increased 500% year-over-year. The pressure to move fast is real. But algorithmic outputs are inputs, not conclusions. Treating them otherwise creates legal and analytical risk. Three things that remain fundamentally human calls: 1️⃣ Probabilistic outputs must be evaluated, and to the extent possible, independently corroborated. 2️⃣ Exposure isn't participation. Distinguishing incidental exposure from knowing involvement is an analytical judgment. 3️⃣ Documented evidentiary chains — not algorithmic outputs alone — determine whether a case will hold up. TRM's recent post breaks down how responsible use of AI in crypto investigations works: what it accelerates, what it can't replace, and what good investigative judgment looks like in practice. 🔗 Read it here: https://lnkd.in/eNeHf_sE