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Gotbit Founder Extradited to US Over Crypto Market Manipulation

Gotbit Founder Extradited to US Over Crypto Market Manipulation

HappyCoinNewsHappyCoinNews2025/02/28 14:22
By:HappyCoinNews

Gotbit founder and CEO Alexey Andryunin, a Russian citizen, has been extradited to the United States for allegedly manipulating “cryptocurrency markets on behalf of client cryptocurrency companies,” the U.S. Attorney’s Office for the District of Massachusetts said.

Andryunin appeared in court on Wednesday and was charged with "wire fraud and conspiracy to commit market manipulation and wire fraud."

Gotbit's boss was arrested in Portugal last October, with prosecutors alleging that several people created crypto firms, misrepresented their cryptocurrencies, and then conducted fictitious trades to create the illusion of trading activity and drive up the price of certain tokens.

In addition to Gotbit, firms ZM Quant, CLS Global and MyTrade were also involved in the case last year.

In a 2019 interview, Andryunin allegedly described how he developed a code to “launder” cryptocurrencies in order to artificially inflate trading volumes in order to list cryptocurrencies on CoinMarketCap… and trade on larger cryptocurrency exchanges, the prosecutor’s statement said.

A wire fraud conviction "carries a sentence of up to 20 years in prison, up to three years of supervised release, a fine of up to $250,000..."

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