The U.S. Department of Justice has indicted Aleksei Andriunin, founder and CEO of cryptocurrency market maker Gotbit, on charges of wire fraud and conspiracy to commit market manipulation. The indictment alleges that from 2018 to 2024, Gotbit artificially inflated cryptocurrency trading volumes through wash trading to secure listings on platforms like CoinMarketCap and exchanges. Andriunin reportedly made millions providing these services, transferring illicit proceeds to his personal Binance account. Clients of Gotbit included meme coins such as Robo Inu and Saitama. In total, four individuals have been arrested, and over $25 million in cryptocurrency has been seized. Andriunin faces a maximum of 20 years in prison if convicted of wire fraud, while conspiracy charges carry sentences of up to five years. Prosecutors highlighted that these fraudulent activities represent a blend of innovative technology and traditional schemes, emphasizing the illegal nature of wash trading in financial markets.

Source 🔗