Gotbit founder Aleksei Andriunin has reached an agreement with U.S. prosecutors to forfeit $23 million in crypto assets as part of a plea deal.
Plea Agreement Details
Andriunin, the founder of Gotbit, agreed to a deal that involves handing over $23 million in cryptocurrency in exchange for a reduced sentence. If approved, he will avoid a potential 20-year prison sentence and instead be placed under supervised release for three years, during which he is prohibited from engaging in any crypto activities.
Financial Aspects of the Deal
Under the terms of the agreement, Andriunin will not be required to pay additional fines, as he consents to the forfeiture of all crypto assets obtained through market manipulation and fraud. Prosecutors estimated potential fines of $500,000 or double the profits gained or lost through the offenses.
Background and Charges
Andriunin was accused of participating in a 'wash trading' scheme from 2018 to 2024, where he artificially inflated trading volumes and created fake market transactions. These actions are part of the first criminal case against companies charged with market manipulation in the crypto industry.
As a result of the deal, Aleksei Andriunin may avoid a lengthy prison sentence if all conditions of the agreement are fulfilled.
