PANews reported on November 20 that according to the FTX lawsuit documents, Meerun is a complex and well-organized criminal who has defrauded FTX by manipulating tokens such as BTMX since 2021, causing cumulative losses of more than $1 billion. Its methods include manipulating token prices to increase the value of collateral, exploiting loopholes in the FTX margin system to obtain funds, and evading monitoring through false KYC materials and multiple associated accounts.

The FTX team tried to freeze Meerun’s account but failed to stop its withdrawal in time, resulting in its successful cashing out of $450 million. In addition, Meerun is also suspected of manipulating other tokens such as MOB, BAO, and SXP, taking advantage of the lack of market liquidity to obtain huge profits.

The documents further state that Meerun has close links to organised crime networks in Poland, Romania and Ukraine involved in human trafficking and terrorism financing.