Aleksei Andriunin, the founder and CEO of cryptocurrency platform Gotbit, has been extradited to the United States to face charges related to market manipulation and wire fraud. The U.S. Attorney’s Office for the District of Massachusetts confirmed the extradition on February 26.
Indictment and Extradition Details
Andriunin, a Russian national, was arrested in Portugal in October 2024 and formally indicted by federal prosecutors later that month. On February 25, 2025, he was extradited to the United States, where he will remain in custody pending a court hearing.
A federal jury indicted Andriunin on October 31, 2024, alongside Gotbit directors Fedor Kedrov and Qawi Jalili. The Department of Justice (DOJ) alleges that Gotbit engaged in extensive wash trading activities, artificially inflating cryptocurrency trading volumes to benefit multiple crypto entities, including those based in the U.S.
Allegations of Market Manipulation
According to prosecutors, Gotbit provided market manipulation services between 2018 and 2024, allowing cryptocurrency companies to generate fake trading volumes. Andriunin reportedly developed a wash trading code, which he described in a 2019 interview, to help crypto tokens gain visibility on platforms such as CoinMarketCap and major exchanges.
Other companies implicated in market manipulation allegations in 2024 include ZM Quant, CLS Global, and MyTrade. The DOJ states that Gotbit received millions of dollars from its fraudulent activities, with Andriunin transferring part of the proceeds to a personal Binance account.
Potential Legal Consequences
If convicted, Andriunin faces severe penalties, including up to 20 years in prison for wire fraud and up to five years for conspiracy to commit market manipulation and wire fraud. He may also be subject to a fine of up to $250,000 or twice the gross gains from the illicit activities.
This case highlights ongoing regulatory scrutiny of fraudulent activities within the cryptocurrency industry, reinforcing efforts to curb market manipulation and maintain market integrity.
