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    Home»Crypto News»Gotbit Bought Bought: Founder Sentenced to Jail for Crypto Wash Buying and selling – Decrypt
    Gotbit Bought Bought: Founder Sentenced to Jail for Crypto Wash Buying and selling – Decrypt
    Crypto News

    Gotbit Bought Bought: Founder Sentenced to Jail for Crypto Wash Buying and selling – Decrypt

    By Crypto EditorJune 14, 2025No Comments3 Mins Read
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    Gotbit Bought Bought: Founder Sentenced to Jail for Crypto Wash Buying and selling – Decrypt

    Briefly

    • Gotbit Consulting LLC and its founder, Aleksei Andriunin, have been sentenced for utilizing wash buying and selling to govern crypto markets.
    • The agency created pretend buying and selling quantity to spice up consumer tokens’ visibility, incomes hundreds of thousands within the course of.
    • The DOJ mentioned Gotbit is the third crypto market maker convicted in a broader federal crackdown on digital asset fraud.

    Crypto market maker Gotbit and its founder have been sentenced Friday for utilizing wash buying and selling to falsely inflate the buying and selling quantity of meme cash on behalf of purchasers.

    Massachusetts U.S. District Courtroom Decide Angel Kelley ordered Gotbit Consulting LLC to forfeit $23 million in seized cryptocurrency, with founder Aleksei Andriunin sentenced to eight months in jail and one 12 months of supervised launch.

    Each have been charged in 2024 with market manipulation, wire fraud, and conspiracy. The fees have been a part of a broader crackdown introduced in October, when the Division of Justice indicted 14 individuals and 4 firms, together with Gotbit, ZM Quant, CLS International, and MyTrade, for market manipulation and wire fraud.

    As a part of the plea settlement reached in March, Gotbit agreed to forfeit over $22.8 million in cryptocurrency, together with roughly $9 million in Tether (USDT) and $4.2 million in USDC from one pockets, together with two further wallets containing $5 million and $4.7 million in USDT.

    The court docket discovered that the scheme induced monetary hurt to buyers who purchased overvalued cryptocurrencies, however the complete losses or earnings couldn’t be reliably calculated for sentencing functions, leading to a decreased sentence for Andriunin.

    “We’re extremely gratified by the sentence, and he is wanting ahead to getting dwelling to his spouse and household,” Andriunin’s lawyer, Roger Burlingame, mentioned in a press release.

    In March, Andriunin pleaded responsible to expenses of wire fraud and conspiracy to commit market manipulation.

    “Between 2018 and 2024, Gotbit supplied market manipulation providers to create synthetic buying and selling quantity for a number of cryptocurrency firms, together with firms situated in america and firms whose cryptocurrencies traded on platforms out there to buyers situated in america,” the DOJ mentioned in a press release.

    Wash buying and selling is a follow wherein the identical asset is repeatedly purchased and bought to inflate buying and selling quantity with none legit market exercise. Typically, this manipulation is finished utilizing a number of accounts or by colluding with others.

    In accordance with the DOJ, Andriunin created software program that executed trades between a number of managed accounts to simulate legit quantity. The agency marketed these instruments as a option to acquire listings on platforms like CoinMarketCap and bigger cryptocurrency exchanges.

    “Gotbit admitted that it engaged in manipulative trades to artificially enhance the buying and selling worth and quantity of tokens for purchasers that included Robo Inu and Saitama,” prosecutors mentioned.

    Gotbit is the third crypto market maker convicted in reference to unlawful wash buying and selling, following the founding father of MyTrade in October 2024 and CLS International FZC LLC in April 2025, based on the DOJ.

    Edited by Andrew Hayward

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