Crypto Market Manipulator Strikes Plea Deal, Faces Up to 24 Months in Prison

Aleksei Andriunin, founder of Gotbit, has agreed to a plea deal with U.S. prosecutors, limiting his prison time to 24 months for his role in a major crypto market manipulation scheme. The 26-year-old Russian national, extradited from Portugal last month, pleaded guilty to wire fraud and conspiracy to commit market manipulation. Initially facing up to 25 years in prison, he will instead forfeit $23 million in stablecoins tied to his illicit activities, with no additional fines imposed.

Andriunin’s company, Gotbit, was accused of offering fraudulent trading services to crypto projects, inflating token prices and volumes through wash trading. Prosecutors detailed how Gotbit manipulated markets for paying clients, securing listings on platforms like CoinMarketCap. Andriunin had previously admitted in a 2019 interview that his business practices were “not entirely ethical,” acknowledging the use of bot trading to generate fake trading activity.

His case is part of a broader crackdown on crypto market manipulation. Alongside Gotbit, U.S. authorities charged several other firms, including CLS Global, MyTrade, and ZMQuant, for similar offenses. The charges signal increased regulatory scrutiny on deceptive trading practices within the crypto industry.

Andriunin’s sentencing date has not been set, but his guilty plea marks a significant moment in the fight against crypto fraud. As regulators tighten oversight, the case underscores the growing risks for firms engaging in price manipulation.