Gotbit CEO Aleksei Andriunin has received an 8-month prison sentence followed by one year of supervised release after pleading guilty to orchestrating crypto market manipulation activities.
Andriunin and his team utilized sophisticated coding techniques between 2018 and 2024 to artificially inflate Bitcoin trading volumes. By operating multiple fraudulent accounts, they misled exchanges into listing partnered crypto projects while generating tens of millions in illicit profits.
The scheme resulted in both personal and corporate penalties. Gotbit now faces five years of probation, during which it is prohibited from participating in market-making or crypto businesses. This effectively bars the company from continuing its previous operations.
International law enforcement agencies coordinated Andriunin’s arrest in Portugal last year, followed by extradition to the U.S. early this year. His March plea agreement underscores the global nature of regulatory actions against cryptocurrency market manipulation.