Alexey Andryunin, founder of market-making firm Gotbit, has pleaded guilty to crypto market manipulation and agreed to forfeit $23M in USDT and USDC
The scheme involved inflating token prices and wash trading
Gotbit operated from 2018 to 2024, helping crypto projects “pump” trading volumes
Andryunin received a three-year ban from the crypto industry but may avoid prison
The SEC and U.S. DOJ continue cracking down on crypto market manipulation