The founder and CEO of crypto market maker Gotbit, Aleksei Andriunin, has reached a plea agreement with federal prosecutors in Massachusetts, agreeing to forfeit approximately $23 million in cryptocurrency assets and serve prison time for market manipulation charges.
Under the deal, Andriunin will plead guilty to conspiracy to commit wire fraud and market manipulation related to Gotbit's operations between 2017 and 2024. The Russian national faces 24 months in prison followed by 36 months of supervised release, during which he will be barred from any cryptocurrency-related activities.
The forfeited assets include roughly $14 million in Tether (USDT) and $9 million in USD Coin (USDC) held across multiple crypto wallets. While the wallets are registered to Gotbit Consulting LLC, court documents indicate Andriunin maintained full control over the funds.
Prosecutors alleged that Gotbit, registered in Belize, orchestrated a "widespread cryptocurrency market manipulation scheme" by engaging in wash trading - simultaneously buying and selling the same assets to create artificial trading volume and deceive investors. In a 2019 interview cited by the Justice Department, Andriunin had acknowledged that Gotbit's business model was "not entirely ethical."
The 26-year-old was extradited to the United States in October 2024 after being arrested by Portuguese authorities. He has remained in detention in Boston since his first federal court appearance.
According to Leah Foley from the US Attorney's Office for the District of Massachusetts, the plea agreement does not restrict the authority of the US Attorney General or other prosecuting bodies to pursue additional charges. The court also maintains discretion over the final sentencing calculations.
The criminal complaint also named other Gotbit employees, including marketing director Fedor Kedrov and sales director Qawi Jalili, both based in Russia.