Aleksei Andriunin faces charges of wire fraud and market manipulation.
Gotbit allegedly created an artificial trading volume for cryptocurrency clients.
The U.S. Department of Justice has indicted Aleksei Andriunin, 26, the founder of cryptocurrency financial services firm Gotbit, in a large-scale market manipulation and fraud scheme. Gotbit, along with two of its directors, Fedor Kedrov and Qawi Jalili, has also been charged in connection with these activities. Andriunin, Kedrov, and Jalili allegedly engaged in market manipulation from 2018 through 2024.
According to court documents, Gotbit provided fraudulent “market-making” services for various cryptocurrency companies, including those in the United States. Andriunin, Gotbit’s CEO, allegedly devised and implemented strategies to artificially inflate trading volume. In 2019, Andriunin detailed his methods for “wash trading” in an interview, explaining how his firm used it to enhance market visibility.
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