Crypto CEO Pleads Guilty to Market Manipulation and Fraud in U.S. Crackdown

In a landmark case targeting crypto market fraud, Aleksei Andriunin, founder and CEO of digital asset firm Gotbit, has pleaded guilty to U.S. federal charges of market manipulation and wire fraud.

 

The 26-year-old Russian national, extradited from Portugal last month, entered the plea in a Boston federal court, marking a major milestone in the FBI’s groundbreaking “Operation Token Mirrors.”

 

Millions in Sham Trades, $23M to Be Forfeited

Between 2018 and 2024, Gotbit allegedly engaged in wash trading—a deceptive practice of buying and selling the same asset to inflate its value and volume—on behalf of various crypto clients.

• Gotbit artificially boosted volumes for tokens like Saitama and Robo Inu

• The firm earned tens of millions of dollars from these manipulative trades

• Under the plea agreement, Gotbit will forfeit $23 million worth of cryptocurrency

 

Sentencing in June; Two Years Recommended

As part of the plea deal, prosecutors have recommended up to two years in prison for Andriunin, who will be formally sentenced on June 16.

His attorney has yet to comment publicly on the case.

 

FBI’s Undercover Token Trap

The charges stem from Operation Token Mirrors, a first-of-its-kind FBI investigation where agents created their own digital token to expose fraudulent behavior in the crypto space. The operation led to charges against 15 individuals and three firms.

A 2019 interview even showed Andriunin publicly bragging about coding tools to manipulate token data and help clients secure listings on top crypto exchanges.

This case signals an aggressive stance by U.S. authorities in cleaning up the crypto industry, especially as digital assets continue to gain mainstream traction.

 

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