EddieJayonCrypto

 3 Nov 24

tl;dr

The U.S. Department of Justice is charging the founder and CEO of crypto firm Gotbit, Aleksei Andriunin, with wire fraud and conspiracy to commit market manipulation. It is alleged that Andriunin and two Gotbit directors engaged in market manipulation to artificially boost trading volumes for crypto...

The founder and CEO of crypto firm Gotbit, Aleksei Andriunin, has been charged with wire fraud and conspiracy to commit market manipulation by the U.S. Department of Justice. The allegations include promoting market manipulation services, engaging in wash trading of crypto assets, and receiving tens of millions of dollars for fraudulent activities.

It is claimed that Andriunin and two Gotbit directors artificially boosted trading volumes for crypto projects between 2018 and 2024 by engaging in market manipulation. They are accused of "wash trading" crypto assets to inflate their trading volume and secure listings on websites such as CoinMarketCap and larger crypto exchange platforms. Gotbit allegedly received substantial proceeds for these fraudulent services, with Andriunin believed to have moved much of the funds to his personal Binance account.

If convicted, Andriunin faces up to 20 years for wire fraud, five years for conspiracy to commit market manipulation and wire fraud, in addition to possible fines, restitution, and forfeiture.

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