Aleksei Andriunin, the founder and CEO of crypto platform Gotbit, has been extradited from Portugal to the United States to face serious allegations of manipulating cryptocurrency markets on behalf of client companies.
The US Department of Justice (DOJ) announced the extradition of Gotbit’s CEO, revealing the extent of a wide-ranging conspiracy that allegedly involved fraudulent activities impacting the cryptocurrency industry.
Wash Trading Scheme Uncovered
Andriunin, 26, was arrested on October 8, 2024, and made his first appearance in federal court in Boston on February 25, 2025, where he was ordered to be detained pending further proceedings.
He was indicted by a federal grand jury on October 31, 2024, facing charges of wire fraud and conspiracy to commit market manipulation. The indictment also implicates Gotbit, along with two of its directors, Fedor Kedrov and Qawi Jalili.
Court documents detail that Gotbit was a prominent player in the cryptocurrency sector, operating as a “market maker.” It is alleged that from 2018 to 2024, the firm engaged in practices that artificially inflated trading volumes for various cryptocurrency companies, including those based in the US.
According to reports, Andriunin had previously disclosed how he developed a code to facilitate “wash trading,” a deceptive practice designed to create an illusion of heightened trading activity.
This manipulation was intended to enhance the visibility of cryptocurrencies on platforms like CoinMarketCap, thereby increasing the likelihood of being listed on major exchanges.
Conspiracy Charges Loom Large For Gobit’s CEO
Andriunin, along with his team at Gotbit, is accused of marketing these manipulative tactics to potential clients, explaining how they utilized multiple accounts to evade detection of their illicit trades on the public blockchain.
The operations were reportedly extensive, with wash trades amounting to millions of dollars conducted on behalf of clients, generating tens of millions in proceeds for Gotbit.
Allegedly, Andriunin transferred significant sums of these proceeds into his personal Binance account, raising further questions about the legality of his financial dealings.
The charges brought against Andriunin carry severe penalties. The wire fraud charge could result in a prison sentence of up to 20 years, along with fines that can reach $250,000 or twice the gross gain or loss from the offense.
The conspiracy charge, which encompasses market manipulation and wire fraud, could add an additional five years to his potential sentence, along with similar financial penalties.
Sentencing will ultimately be determined by a federal district court judge, who will take into account the US Sentencing Guidelines and relevant statutes governing criminal cases.
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