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.

You Might Be Interested In: Elon Musk Talks About the Name of a New Memecoin!

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.

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.

The post Gotbit Founder Extradited to the US: Fraud Charges! appeared first on Coin Engineer.

As one of the leading cryptocurrency exchanges, Bybit has been at the center of a major security crisis. Company officials stated that a serious technical collapse in the exchange’s infrastructure allowed hackers to infiltrate the system. This vulnerability compromised Bybit’s security mechanisms, enabling attackers to steal $1.5 billion worth of assets.

You Might Be Interested In: Elon Musk Talks About the Name of a New Memecoin!

How Did the Attack Happen?

According to Bybit’s report, attackers identified security loopholes within the infrastructure and exploited them to gain unauthorized access. Initially appearing as a user account breach, the attack was later revealed to have directly targeted the company’s internal systems. Hackers managed to transfer massive amounts of funds to their own wallets by taking advantage of these weaknesses.

Are Bybit Users at Risk?

Following the large-scale attack, Bybit assured users that their funds would remain secure. The company announced that most of the stolen assets would be covered from its reserves and that user losses would be reimbursed. However, some analysts have raised concerns about how Bybit will manage such a significant financial hit in the long run.

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.

The post Massive Bybit Hack: $1.5 Billion Loss Explained! appeared first on Coin Engineer.