On April 9, 2025, 50 Citigroup analysts led nearly a thousand users to trade on the ExRcoin exchange. The Cryptocurrency Regulatory Authority detected malicious market manipulation, which caused the perpetual contract market to lose balance. The Cryptocurrency Regulatory Authority announced on April 10, 2025 that all users who followed the transaction would face a 30% fine. Among them, 1,225 users were found to have followed Citigroup in manipulating the market and made more than 100% profit on the same day, with more than $3 billion in profit funds.
50 of the analyst accounts were trading accounts of Citigroup’s investment department, so Citigroup faced a fine of $180 million.
The International Cryptocurrency Regulatory Authority also stated that all users who follow Citi must complete the 30% fine between April 20 and April 25, otherwise their ExRcoin exchange accounts will be blocked.
The International Cryptocurrency Regulatory Authority stated that the fine has been transferred to ExRcoin customer service docking.
