Gotbit crypto platform founder Aleksei Andriunin has been extradited from Portugal to the US to face charges of market manipulation and fraud.
Accusation and Extradition
The US Attorney’s Office for the District of Massachusetts announced that the Russian national, arrested in October 2024 in Portugal, was extradited to the US on February 25, 2025. Andriunin is charged with market manipulation and wire fraud.
Technical Details of the Accusation
The Department of Justice alleges that Andriunin was involved in wash trading schemes, artificially inflating cryptocurrency trading volumes on behalf of several firms. Companies also implicated in 2024 market manipulation allegations include ZM Quant, CLS Global, and MyTrade.
Consequences and Possible Punishments
If convicted, Andriunin faces up to 20 years in prison for wire fraud and up to five years for conspiracy to commit market manipulation and wire fraud. He also faces a fine of up to $250,000 or twice the gross gains from the fraudulent activities.
The case of Aleksei Andriunin underscores the seriousness of market manipulation charges in the cryptocurrency sector and the potential consequences for those involved.
