Aleksei Andriunin, the 26-year-old founder and CEO of cryptocurrency market maker Gotbit, pleaded guilty in federal court in Boston on Friday to charges related to market manipulation and wire fraud.
Andriunin admitted his role in a scheme that manipulated digital token markets on behalf of client companies, part of a broader crackdown on fraudulent activities in the crypto sector.
According to the plea agreement, Andriunin and his firm engaged in "wash trading" from 2018 to 2024—an illicit practice involving the artificial inflation of trading volumes to boost token listings on major cryptocurrency exchanges. The indictment referenced a 2019 online interview in which Andriunin described creating code specifically designed to execute such trades, helping several tokens, including Saitama and Robo Inu, garner increased market attention. Prosecutors asserted that Gotbit generated millions of dollars in wash trades, earning tens of millions of dollars in proceeds for its services.
The guilty plea comes as part of "Operation Token Mirrors," a novel investigation in which the FBI, for the first time, engineered its own digital token to expose crypto fraudsters. Andriunin was extradited from Portugal, where he had been residing since his arrest in October, and his case is one of 15 individual and three firm charges brought forward under the operation.
As part of his plea deal, prosecutors have recommended that Andriunin face up to two years in prison when he is sentenced on June 16. Additionally, Gotbit has agreed to forfeit approximately $23 million in cryptocurrency. Andriunin's lawyer declined to comment on the case.
The case underscores ongoing regulatory and law enforcement efforts to bring greater transparency and accountability to the burgeoning cryptocurrency market, which has long been plagued by allegations of manipulation and fraud. As investigations continue, several individuals linked to the implicated cryptocurrencies are also facing charges, highlighting the wide-reaching impact of these illicit practices in the digital finance arena.
Switzerland on Sunday rejected a referendum proposal to cap its population at 10 million, a projection showed, as voters prioritised economic stabilit...
A senior Iranian official told Reuters that a draft memorandum with the U.S. covers issues including Iran’s nuclear programme, reopening the Strait ...
U.S. and Pakistani leaders forecast a Sunday signing of a long-elusive framework agreement to end fighting between the United States and Iran, as Reut...
Australia put on a defensive masterclass as they beat Türkiye 2-0 in Vancouver in the final opening Group D match....
Romania's centrist President Nicușor Dan on Sunday designated Adrian Veștea, a member of the liberal party, as prime minister, after independent can...
As Britain's sanctions on three Georgia-registered companies made headlines on 26 May, the Georgian side of the story was already complicated. The National Bank of Georgia had flagged Arvix LLC, Rapira Group LLC and Aifory LLC to law enforcement back in September 2025.
Global market valuation of virtual currencies has surged to an unprecedented $2.73 trillion, approaching half the value of the world’s gold reserves. Yet for many investors, the promise of decentralisation is overshadowed by a growing concern: digital assets may be seized without prior warning.
President of Turkmenistan Serdar Berdimuhamedow has signed the “On Virtual Assets” law, which will officially legalise cryptocurrency mining and exchange activities in the country from 1 January 2026.
Japanese hotelier Metaplanet aims to raise $5.4 billion to dramatically expand its Bitcoin holdings to 210,000 BTC by 2027, eyeing 1% of total supply. Shares surged 15% as it mirrors MicroStrategy's successful pivot, becoming a "Bitcoin treasury company" with a "Bitcoin Hotel" set to open in 2026.
Pakistan has warned that any attempt by India to block or significantly reduce river flows under the Indus Waters Treaty could have “far-reaching consequences”, after India's water minister said New Delhi was working to ensure that “not a single drop” of water reaches Pakistan in the coming years.
SpaceX made a historic entrance into the Nasdaq on Friday, surging over 20% in its first day of trading and lifting its valuation to more than $2 trillion. Investors flocked to the world’s largest IPO, betting on Elon Musk’s sprawling empire spanning rockets, AI and beyond.
Armenia has every right to choose Europe. But Europe’s support for Armenia’s direction should not become automatic approval of its political process.
U.S. President Donald Trump has said a peace agreement with Iran is scheduled to be signed on Sunday in a post on social media, despite Tehran's Foreign Ministry spokesperson Esmaeil Baghaei saying no deal would be approved this weekend.
Japan’s birth rate and fertility levels have fallen to their lowest levels on record, highlighting the country’s worsening demographic crisis as fewer people marry and have children.
In the runup to the G7 summit, hosted by France in Évian-les-Bains on Monday, 15 June, China has addressed global economic balances in a videoconference hosted by French President Emmanuel Macron. It is a rarity for Beijing to engage directly with the group.
Switzerland on Sunday rejected a referendum proposal to cap its population at 10 million, a projection showed, as voters prioritised economic stability and the country's ties with the European Union over immigration concerns.
Romania's centrist President Nicușor Dan on Sunday designated Adrian Veștea, a member of the liberal party, as prime minister, after independent candidate Eugen Tomac withdrew.
North Korea said on Sunday, 14 June, that denuclearisation is a matter that is irreversibly terminated, in a condemnation of recent nuclear deterrence talks between the U.S. and South Korea.
British Prime Minister Sir Keir Starmer has pledged to publish the UK government's long-awaited Defence Investment Plan ahead of next month's NATO summit in Ankara, following growing pressure over the UK's military spending commitments.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment