Gotbit Founder Aleksei Andriunin Pleads Guilty to Fraud
Aleksei Andriunin, founder of Gotbit, pleaded guilty to wire fraud and market manipulation in March 2025, agreeing to forfeit $23 million in crypto assets.
This case highlights concerns over market integrity as trading volumes were artificially inflated.
Aleksei Andriunin Forfeits $23 Million in Crypto
Aleksei Andriunin, founder of Gotbit, has entered a guilty plea in response to wire fraud charges. Prosecutors claim involvement in market manipulation, including “wash trading,” from 2018 to 2024.
Andriunin agreed to forfeit assets including Tether (USDT) and USD Coin (USDC), totaling approximately $23 million. Legal proceedings recommend a 24-month prison term followed by supervised release.
Plea Deal Sparks Regulatory Scrutiny in Crypto Markets
The plea deal underscores serious issues in cryptocurrency markets, causing regulatory scrutiny. Market participants and authorities are thrust into discussions over legal frameworks against crypto fraud.
Financially, the crypto market showed no immediate price changes, with both USDT and USDC trading at $1.00. However, long-term impacts on trading ethics remain a concern. “I admit to my involvement in activities that violated the law, and I take full responsibility for my actions.” — Aleksei Andriunin, Founder, Gotbit
Parallels Drawn to 2022 Bitfinex Fraud Case
Andriunin’s actions parallel past cryptocurrency fraud cases, like the 2022 Bitfinex saga.
The industry’s history of manipulation signals recurring challenges in market regulation.
Experts suggest that similar cases could prompt tighter regulations. Data from previous trials indicate a trend toward increased legal sanctions for offenders in the crypto arena.
