Gotbit founder accused of crypto market manipulation and fraud

Alexey Andryunin, founder of cryptocurrency company Gotbit, has been charged with fraud and manipulation of the cryptocurrency market in the US. According to the prosecution in Boston, Andryunin and his team orchestrated a multi-year scheme to artificially increase trading volumes through “wash trading” by misleading investors and exchanges

If convicted, Andryunin faces up to 20 years in prison, as well as significant fines and asset forfeiture. His case is seen as part of a broader crackdown on fraud in the crypto industry#GotbitFraud