Russian national Aleksei Andriunin, founder of Gotbit, has been extradited to the United States where he faces serious charges for allegedly manipulating cryptocurrency markets for clients between 2018-2024.
By Godfrey Benjamin
Edited by Marco T. Lanz
Updated
3 mins read
Gotbit founder Aleksei Andriunin was recently extradited to the United States over market manipulation charges. The cryptocurrency financial services firm’s founder also has a case of fraud conspiracy against him. Before his arrest, he was accused of manipulating the crypto markets for clients.
Vasily Andriunin, a 26-year-old Russian national residing in Portugal, was the founder and CEO of Gotbit before his arrest in his country of residence on October 8, 2024. After legal proceedings, Andriunin was extradited to the United States on February 25, 2025, where he now faces charges related to his cryptocurrency operations.
According to a statement from the US Attorney’s Office for the District of Massachusetts, the Russian national faces market manipulation and wire fraud charges.
These criminal offenses were reportedly perpetrated between 2018 and 2024, with Gotbit allegedly providing market manipulation services to push prices. Its action led to elevated artificial trading volume for multiple crypto companies. Sources claimed he moved to get these tokens listed on CoinMarketCap, a website that usually provides information about “trending” digital assets.
In addition, Gotbit and two directors, Fedor Kedrov and Qawi Jalili, were indicted. The Gotbit founder appeared in a Boston court on February 26, was detained, and will remain there until his next hearing.
Andriunin’s manipulation strategy is referred to as “wash trading,” in which an entity artificially inflates the trading volume of tokens.
In the long run, this process earned him millions of dollars for his clients. He received tens of millions of dollars as compensation for his role. Eventually, he transferred some of his proceeds to a Binance account.
For the offenses, he could be charged up to 20 years in prison for wire fraud with three years of supervised release. The court may also request a fine of up to $250,000 or twice the gross gain or loss from the offense, restitution, and forfeiture.
It is worth noting that blockchain startup Chain was caught in a related offense at the beginning of this year. Tron founder Justin Sun accused the Pantera Capital-backed company of manipulating the market.
In specific terms, he claimed that Chain was utilizing high leverage and contracts, which could seriously harm crypto exchange users.
Generally, authorities and law enforcement agencies are looking out for investors, trying to ensure that they are protected against the volatility of the crypto market. As reported earlier by Coinspeaker, Spanish law enforcement agencies partnered with blockchain giants Tron, Tether, and TRM Lab in January. The partnership aims to take significant action against international financial crypto crime.
Meanwhile, leading cryptocurrency exchange Binance recently responded to traders who accused it of market manipulation.
“As an exchange, we simply help users match trades, and we have no visibility into our users’ decisions, including market makers who may move their assets according to their strategies,” it wrote, seeking to prevent any Gotbit-related tag.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
