The Bank of Russia has recorded gross manipulation in organized trading on the Moscow Exchange involving shares of the energy company OGK-2. Two private traders, acting in tandem, executed a classic pump and dump scheme, conducting more than 10,000 transactions. The regulator brought the violators to administrative responsibility and blocked operations on their accounts.
The individuals in question are Konstantin and Anastasia Mikhailov, who traded from their own brokerage accounts. Their actions were classified under paragraphs 2 and 5 of part 1 of Article 5 of Federal Law No. 224-FZ, which directly indicates deliberate influence on prices and trading volumes.
Mechanics of the Manipulation
The scheme was refined to the point of automation. In 2025, the Mikhailovs used aggressive orders to buy up OGK-2 shares, artificially inflating the price of the securities relative to the level that would have formed under market equilibrium. At peak values, they locked in profits by selling off their accumulated stake.
In parallel, they also employed the reverse strategy. Through series of aggressive sell-offs, they drove down quotes, after which they repurchased the shares at reduced prices. Within a single trading session, such cycles were repeated multiple times, creating dangerous volatility and increasing financial risks for other market participants.
The scale is impressive: in total, the Mikhailovs executed over 10,000 transactions in the energy company's shares. On certain days, they entered into deals by prior agreement between their own accounts, which led to significant deviations in prices and volumes from objective market values.
Following the inspection, the Central Bank issued the violators orders prohibiting such actions in the future, and instructed the exchange organizers and professional participants to suspend operations on the Mikhailovs' accounts.
Why This Matters Amid the Implementation of AI-Based Control
This case is a clear illustration of why manual detection of manipulation is becoming increasingly ineffective. The volume of suspicious operations runs into thousands of transactions, and automation is indispensable here. That is precisely why the Moscow Exchange has already announced the integration of artificial intelligence into its compliance framework: the system will analyze hundreds of thousands of transactions and identify signs of coordinated actions.
Irina Grekova, Senior Managing Director for Compliance and Business Ethics at the Moscow Exchange, emphasizes that technological control tools have become a key focus for enhancing market resilience and transparency. In her assessment, AI accelerates the processing of large data arrays, while the freed-up expert resources are redirected to analyzing complex cases like the one described above.
My comment: It is telling that even in the classic stock market, where regulation is stricter than in the cryptocurrency sector, there are those willing to "rig" prices. For the crypto industry, this is a lesson: without implementing advanced monitoring systems and on-chain data analysis, as well as cooperation with regulators, we risk remaining in a gray zone where manipulation thrives. As for investors, it is worth remembering: pump and dump schemes are not only about meme coins but also about "blue chips" when skilled manipulators take the helm.