The Department of Justice Charges Gotbit Founder
WASHINGTON, October 31 (Reuters) - The founder of Gotbit, a crypto market-making company, has been accused of involvement in a large-scale conspiracy aimed at manipulating cryptocurrency markets on behalf of client crypto firms, the U.S. Department of Justice reported on Thursday.
Indictment of Aleksei Andriunin
Aleksei Andriunin, 26, faces charges of fraud and conspiracy to manipulate the market and commit wire fraud, according to the Department of Justice’s statement.
Gotbit Accused of Manipulating Trading Volumes
The Department of Justice alleges that between 2018 and 2024, when Andriunin was CEO, Gotbit provided market manipulation services designed to artificially inflate trading volumes for several cryptocurrency companies, including some based in the United States.
Additional Charges for Gotbit and Its Executives
The indictment also includes two Gotbit executives — Fedor Kedrov and Qawi Jalili — who were previously charged in a case unsealed on October 9.
Potential Sentence for Andriunin
If convicted of wire fraud, Andriunin faces a maximum sentence of 20 years in prison. For conspiracy to manipulate the market and commit fraud, he could face an additional five years, according to the Department of Justice.
Other Crypto Fraud Cases
On October 9, federal prosecutors announced charges against Gotbit, ZM Quant, CLS Global, and their leaders and employ
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