Gotbit Consulting LLC, a financial services firm recognized in the cryptocurrency sector as a "market maker," and its founder have pleaded guilty to charges of market manipulation and fraud conspiracy. The plea took place in federal court in Boston.
Aleksei Andriunin, 26, who holds Russian and Portuguese citizenship, alongside Gotbit, admitted guilt to charges of wire fraud and conspiracy related to market manipulation. Andriunin was apprehended in Portugal on October 8, 2024, and subsequently extradited to the United States on February 25, 2025.
In October 2024, both Gotbit and Andriunin were indicted by a federal grand jury on similar charges. The indictment also includes two directors from Gotbit: Fedor Kedrov and Qawi Jalili.
Court documents allege that between 2018 and 2024, Gotbit manipulated trading volumes for various cryptocurrency companies. This included firms based in the United States or those whose cryptocurrencies were accessible to U.S.-based investors. Andriunin reportedly developed software to conduct "wash trades" — artificial trades meant to inflate trading volume — aiming for listings on CoinMarketCap and larger exchanges. These practices were marketed by Gotbit employees as ways to evade detection.
The company admitted it engaged in manipulative trading activities involving clients like Robo Inu and Saitama. Leaders of these companies face separate charges revealed in October 2024.
As part of their plea agreement, Gotbit will cease operations and forfeit around $23 million worth of seized cryptocurrency. For Andriunin's plea deal, authorities are recommending a prison sentence of up to two years.
Gotbit is not the first entity within this sector facing legal consequences for wash trading activities; similar cases include MyTrade's founder pleading guilty in October 2024 and CLS Global FZC LLC admitting guilt in January 2025.
The Securities & Exchange Commission has also initiated a civil enforcement action against Gotbit for alleged securities law violations.
Wire fraud carries penalties including up to 20 years imprisonment, fines up to $250,000 or twice the gross gain or loss from the offense, restitution, forfeiture, plus supervised release terms. Conspiracy charges may result in up to five years imprisonment under similar financial penalties. Sentencing is determined by a federal district court judge based on U.S. Sentencing Guidelines.
U.S. Attorney Leah B. Foley announced the developments with Jodi Cohen from the FBI’s Boston Division providing details about international cooperation efforts leading to Andriunin's arrest. Assistant U.S. Attorneys Christopher J. Markham and David M. Holcomb are handling prosecution duties while Carol Head manages asset recovery processes.
All defendants maintain their presumption of innocence until proven guilty beyond reasonable doubt in court proceedings.
___