Russian Gotbit Founder Strikes Plea Deal in Crypto Market Manipulation Case

Gotbit founder Aleksei Andriunin, currently facing crypto market manipulation and wire fraud, has reached a plea deal with the US federal prosecutors, agreeing to forfeit about $23 million in crypto.

Prosecutors had initially stated that Andriunin could face a maximum sentence of 20 years in prison for wire fraud charges and up to five years for conspiracy to commit market manipulation, in addition to financial penalties.

However, in a letter submitted Wednesday to a Massachusetts federal court, prosecutors recommended that Andriunin avoid prison time altogether. Instead, they proposed probationary terms of up to five years per count, citing his decision to plead guilty to one conspiracy charge and two wire fraud charges.

Andriunin was involved in “a wide-ranging conspiracy” to manipulate crypto markets on behalf of client companies. Last month, he was extradited to the US after being arrested in Portugal in October 2024.

According to a plea agreement, Andriunin’s involvement in the Gotbit scheme caused “harm to dispersed market participants” who purchased cryptos at fraudulently inflated prices.

Further, the court doc read that the losses from the offence cannot be estimated based on available information.

The U.S. Attorney, therefore, reserves the right to argue that the offence level “substantially understates the seriousness of the offence” and “an upward departure may be warranted.”

The 26-year-old Russian national Aleksei Andriunin offered market manipulation services to create artificial trading volume for various crypto firms, between 2018 and 2024.

Andriunin, along with two of Gotbit’s directors, Fedor Kedrov and Qawi Jalili, face crypto “wash trading” charges. The DOJ charges noted that Andriunin and the firm’s directors also used multiple accounts to avoid being detected for wash trades on the public blockchain.

Gotbit’s clients included meme coins Saitama and Robo Inu, which have been charged separately in a pump-and-dump scheme.

Following Andriunin’s arrest in Portugal, he appeared before a federal court in Boston, where he was ordered to remain in custody.

Aleksei Andriunin, founder and CEO of cryptocurrency market maker “Gotbit,” extradited to the United States to face charges of market manipulation and fraud conspiracy.
Read official announcement: https://t.co/il5cGv0caa

According to the prosecutors’ letter filed in Massachusetts federal court on Wednesday, with the the agreed-upon $23 million forfeiture, Andriunin will not face any additional fines related to the charges.

The charges initially under the applicable laws can go up to $250,000 for each count.

“If the court rejects any part of this plea agreement, the U.S. attorney may void the agreement and/or defendant may withdraw from it,” the letter noted.

A copy of the government’s letter was also sent to Andriunin’s lawyer, Roger Burlingame of Dechert LLP law firm.

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