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Briefly
- Gotbit Consulting LLC and its founder, Aleksai Andriinin, were convicted of using washing to manipulate the crypto markets.
- The company has created a false trading volume to increase the visibility of the token client, earning millions in the process.
- The impression said that Gotbit was convicted of a wider federal action for fraud with a digital property.
Crypto Market Maker Gotbit and its founder were convicted on Friday for using a washing trading in order to fake the trading volume Meme coins on behalf of the clients.
Massachusetts Angel Kelley District Court Judge ordered Gotbit Consulting LLC to deprive $ 23 million In the seizure of the Crypto currency, and founder Alexei Andriunin was sentenced to eight months in prison and one year of controlled release.
Both were accused of market manipulation, wire fraud and conspiracy in 2024. The charges were part of a wider conflict announced in October, when the Ministry of Justice accused 14 people and four companies, including Gotbit, ZM Quant, CLS Global and Mytrade, for manipulating market and wire.
As part guilt agreement reach in MarchGotbit agreed to take away more than $ 22.8 million in the Crypto currency, including approximately $ 9 million in Tether (USDT) and $ 4.2 million in USDC From one wallet, along with two additional wallets containing $ 5 million and $ 4.7 million in USDT.
The court found that the scheme had caused the financial damage to investors who bought overrated crypto currency, but the total losses or profit could not be reliably calculated for the purpose of measuring the sentence, resulting in a reduced penalty for Andriunin.
“We are incredibly pleased with the punishment, and he is looking forward to returning home to his wife and family,” said Andriun’s lawyer, Roger Burlingame, Ua statement.
In March, Andriunin declared himself guilty of charges of fraud and conspiracy for committing manipulation on the market.
“Between 2018 and 2024, Gotbit provided the manipulation services on the market for the creation of artificial trading volumes for multiple CRIPTO companies, including companies located in the United States and companies whose crypto currency traded on platforms available to investors located in the United States,” said UAJ UAJ, ” statement.
Wash trading is a practice in which the same property is repeatedly bought and sold to inflate the volume of trading without any legitimate market activities. Often this manipulation is made using multiple accounts or bend with others.
According to the impression, Andriunin created the software that performed trading between more controlled accounts to simulate legitimate volume. The company placed these tools as a way to get a list on platforms such as Coinmarketcap and larger cryptocurrency exchange.
“Gotbit admitted that he included in manipulative stores to artificially increase the trade price and volume of the tokens for clients who included Rob Inu and Saitama,” prosecutors said.
Gotbit is a third cryptocurrency manufacturer convicted with illegal laundering trading, after the founder of Mytrade in October 2024 and CLS Global FZC LLC in April 2025, according to an impression.
Edited Andrew Hayward
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