The founder of cryptocurrency market maker Gotbit, Aleksei Andriunin, aged 26, has been indicted on charges related to a broad scheme to manipulate cryptocurrency markets, according to the US Justice Department.
Andriunin, who served as CEO of Gotbit, is accused of providing market manipulation services from 2018 to 2024 to generate artificial trading volumes for various cryptocurrency firms, including some based in the United States. The recent indictment expands upon earlier charges against Gotbit and two of its directors, Fedor Kedrov and Qawi Jalili, which were revealed on October 9.
If found guilty of wire fraud, Andriunin could face a maximum sentence of 20 years in prison. Additionally, a separate charge of conspiracy to commit market manipulation and wire fraud carries a possible maximum sentence of five years.
Federal prosecutors previously detailed a crackdown on multiple cryptocurrency companies, resulting in arrests and agreements from five individuals to plead guilty, alongside the seizure of over $25 million in cryptocurrency assets.
