Aleksei Andriunin, the 26-year-old founder of Gotbit, has been extradited from Portugal to the United States to face serious charges of wire fraud and market manipulation. His extradition follows his arrest in Portugal on October 8, 2024, and his recent transfer to U.S. custody on February 25, 2025. Andriunin appeared in federal court in Boston, where he was ordered to remain in detention pending further hearings.
The charges stem from Gotbit’s alleged involvement in illegal market practices from 2018 to 2024. Prosecutors claim that Gotbit engaged in “wash trading,” a fraudulent practice used to artificially inflate trading volumes and mislead investors. This tactic allegedly helped boost the market presence of various cryptocurrencies, enabling them to secure listings on prominent platforms like CoinMarketCap.
The case is part of the FBI’s broader investigation, Operation Token Mirrors, which targets cryptocurrency market manipulation. As a result of this operation, multiple individuals and companies have been indicted for using similar fraudulent schemes to distort market data. Andriunin, if convicted, could face up to 25 years in prison, with charges including wire fraud and conspiracy to manipulate markets.
Authorities also claim that Andriunin personally transferred millions of dollars in illicit proceeds into his Binance account. Notably, Gotbit’s fraudulent activities are believed to have generated tens of millions of dollars in revenue through deceptive practices.
The Gotbit case follows a series of global efforts to crack down on financial crimes in the cryptocurrency sector. The U.S. has recently extradited Do Kwon, former CEO of Terraform Labs, to face charges related to the collapse of the Terra blockchain, which led to significant financial losses for investors.
Gotbit, which operated as a cryptocurrency market maker, is alleged to have manipulated the market by executing fake transactions across multiple accounts to create an illusion of liquidity. This practice made certain cryptocurrencies appear more active and valuable than they were, misleading investors and distorting the market.
Among the tokens linked to Gotbit’s manipulation were Saitama and Robo Inu, both of which are now under investigation. The fraudulent tactics employed by Gotbit are thought to have misled investors and distorted the market, impacting traders who relied on inflated trading volumes.
Andriunin’s extradition is the result of cooperation between the U.S., Portugal, and Interpol, and the case is being handled by the U.S. Attorney’s Office in Massachusetts. His legal team has not yet entered a plea, and the two other individuals named in the case, Fedor Kedrov and Qawi Jalili, remain at large.
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