Gotbit Collapse: $23M Wash-Trading Scheme Nets CEO Prison, SEC
Gotbit
SEC
The fall of Gotbit marks a watershed moment in crypto’s fight for transparency, as U.S. authorities crack down on a years-long manipulation scheme that has exposed just how deeply fake trading volumes have distorted trust in token markets.
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Hassan Shittu
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Hassan Shittu
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Hassan, a Cryptonews.com journalist with 6+ years of experience in Web3 journalism, brings deep knowledge across Crypto, Web3 Gaming, NFTs, and Play-to-Earn sectors. His work has appeared in...
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Aleksei Andriunin, the founder and CEO of Gotbit Consulting, was sentenced to eight months in prison on Friday following a federal investigation into a multi-million-dollar wash trading operation.
The 26-year-old, a dual citizen of Russia and Portugal, pleaded guilty earlier this year to wire fraud and conspiracy to commit market manipulation.
Gotbit Ordered to Cease Operations After Fraud Conviction.
The sentencing took place in Boston, where U.S. District Court Judge Angel Kelley also ordered one year of supervised release for Andriunin. He was arrested in Portugal in October 2024 and extradited to the United States in February 2025.
Gotbit Consulting LLC, which was widely known in the crypto industry as a market maker, received five years of probation. The company was also ordered to forfeit approximately $23 million in seized cryptocurrency. As part of the sentence, the firm will cease operations.
Prosecutors said that between 2018 and...
https://cryptonews.com/news/gotbit-collapse-23m-wash-trading-scheme-nets-ceo-prison-sec-civil-suit-imminent/
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