The Department of Justice has charged Aleksei Andriunin, the CEO of Gotbit, with wire fraud and market manipulation conspiracy. Andriunin, a Russian national in Portugal, is accused of inflating trading volumes for client crypto companies, including those in the US. Gotbit, along with its directors Qawi Jalili and Fedor Kedrov, allegedly used wash trading techniques to manipulate market activity from 2018 to 2024. The indictment claims Andriunin developed software for deceptive trading, while Gotbit employees marketed these services to clients. The company reportedly earned millions from these practices, with Andriunin transferring funds to his personal Binance account. The charges also mention Gotbit's involvement in pump and dump schemes targeting memecoin investors. If convicted, Andriunin could face up to 20 years in prison for wire fraud. CryptoSlate provides comprehensive crypto news, insights, and data, focusing on Bitcoin, DeFi, and AI. Read more AI-generated news on: https://app.chaingpt.org/news