Alex Andryunin, CEO of Gotbit Hedge Fund, has been arrested in Portugal on charges of cryptocurrency fraud and market manipulation. This follows the indictment by the U.S. Department of Justice.

Details of the Arrest and Indictment

The arrest of Alex Andryunin in Portugal came after months of investigation by the U.S. Department of Justice, which has accused him and two other Gotbit directors of manipulating cryptocurrency prices and engaging in fraud. The charges allege that Gotbit used 'pump-and-dump' schemes to defraud investors.

Gotbit’s Response: Ensuring User Security and Cooperation

Following Andryunin's arrest, Gotbit Hedge Fund announced on the X platform that the security of user accounts remains a priority. The company emphasized its intention to fully cooperate with authorities, providing necessary evidence to support its position.

Market Impact: Reactions to Andryunin’s Arrest

The arrest of Andryunin has caused ripples in the cryptocurrency market. Experts believe it may lead to increased regulatory scrutiny of market players.

The arrest of Alex Andryunin is a significant event for Gotbit and the crypto industry as a whole, highlighting the importance of transparency and regulatory compliance.