👀Gotbit Founder Sentenced: A Warning for the Web3 Market?

The founder of Gotbit, Aleksei Andriunin, has been sentenced to eight months in prison and five years of probation for market manipulation and fraud. The sentence, handed down in Boston, includes the confiscation of 24 million dollars in crypto assets. Gotbit, known for artificially inflating the liquidity of memecoins through "wash trading," operated under a facade that the FBI dismantled with an undercover operation.

This case sets an important precedent, signaling the increasing scrutiny on fraudulent practices in the Web3 space.