GotBit Archives - Coin Engineer https://coinengineer.net/blog/tag/gotbit/ Btc, Coins, Pre-Sale, DeFi, NFT Thu, 27 Feb 2025 06:38:30 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.4 https://coinengineer.net/blog/wp-content/uploads/2024/04/cropped-Coin-Engineer-Logo-Favicon-2-32x32.png GotBit Archives - Coin Engineer https://coinengineer.net/blog/tag/gotbit/ 32 32 Gotbit Founder Extradited to the US: Fraud Charges! https://coinengineer.net/blog/gotbit-founder-extradited-to-the-us-fraud-charges/ https://coinengineer.net/blog/gotbit-founder-extradited-to-the-us-fraud-charges/#respond Thu, 27 Feb 2025 07:00:36 +0000 https://coinengineer.net/blog/?p=37415 The founder of Gotbit, a well-known market maker in the crypto industry, is facing market manipulation and fraud charges in the US. Aleksei Andriunin was caught in an FBI operation and extradited from Portugal to the US. Here are the details! US authorities revealed that Gotbit and its executives fell for the NexFundAI (NEXF) “trap

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]]> The founder of Gotbit, a well-known market maker in the crypto industry, is facing market manipulation and fraud charges in the US. Aleksei Andriunin was caught in an FBI operation and extradited from Portugal to the US. Here are the details!

US authorities revealed that Gotbit and its executives fell for the NexFundAI (NEXF) “trap token” created by the FBI to catch market manipulators. The company allegedly engaged in wash trading, artificially inflating the trading volume of crypto assets to help projects secure listings on platforms like CoinMarketCap.

Serious Allegations Against Gotbit Executives!

The US Department of Justice announced that a federal grand jury had indicted Gotbit founder Aleksei Andriunin, along with executives Fedor Kedrov and Qawi Jalili, on charges of market manipulation and fraud. Authorities claim that the executives earned tens of millions of dollars between 2018 and 2024 through these tactics.

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26-year-old Russian national Aleksei Andriunin is also accused by US officials of transferring part of these illegal proceeds to his personal Binance account. Authorities stated that Gotbit executives admitted to using these strategies in a 2019 interview.

Facing Up to 20 Years in Prison!

If convicted, Aleksei Andriunin could face up to 20 years in prison and a fine of up to $250,000. Additionally, he could be forced to forfeit assets and repay twice the amount of illicit gains.

The US Securities and Exchange Commission (SEC) also filed a fraud lawsuit against Gotbit and its executives in October 2024. These allegations further highlight the increasing scrutiny of the crypto industry by regulators.

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]]> https://coinengineer.net/blog/gotbit-founder-extradited-to-the-us-fraud-charges/feed/ 0 U.S. Accuses 18 Individuals and Companies of Cryptocurrency Manipulation and Fraud https://coinengineer.net/blog/u-s-accuses-18-individuals-and-companies-of-cryptocurrency-manipulation-and-fraud/ https://coinengineer.net/blog/u-s-accuses-18-individuals-and-companies-of-cryptocurrency-manipulation-and-fraud/#respond Thu, 10 Oct 2024 15:00:46 +0000 https://coinengineer.net/blog/?p=30779 The U.S. government has taken a significant step against the growing manipulation and fraud in the cryptocurrency sector, accusing 18 individuals and companies of illegally manipulating cryptocurrency markets and defrauding investors. Investigations initiated by the U.S. Department of Justice and the Securities and Exchange Commission (SEC) allege that the accused were involved in fraudulent activities

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]]> The U.S. government has taken a significant step against the growing manipulation and fraud in the cryptocurrency sector, accusing 18 individuals and companies of illegally manipulating cryptocurrency markets and defrauding investors. Investigations initiated by the U.S. Department of Justice and the Securities and Exchange Commission (SEC) allege that the accused were involved in fraudulent activities worth millions of dollars.
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Fraud and Manipulation Tactics Alleged by the U.S.
According to the investigation, the accused placed fake buy and sell orders to artificially inflate or deflate cryptocurrency prices, misleading investors to make illicit gains. This manipulation tactic, known as “Pump and Dump,” involved quickly driving up the prices of cryptocurrencies, after which the accused sold at high prices to make unjust profits.
According to Reuters, the companies involved are GotBit, Zm Quant, Cls Global, and Mytrade.
Additionally, the fraudsters are accused of targeting investors through fake cryptocurrency projects and platforms, defrauding them of significant sums of money. Both small retail investors and large institutional investors were victims of these schemes.
Increasing U.S. Pressure on the Cryptocurrency Sector
With the rising popularity of the cryptocurrency sector in recent years, the U.S. government has taken steps to tighten regulatory measures. The SEC and other federal agencies are working to make cryptocurrency markets more transparent and reliable, while emphasizing the need for harsher criminal penalties for illegal activities. This case is seen as one of the most comprehensive measures taken against illegal activities in the cryptocurrency sector.

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