Gotbit Consulting LLC Founder Sentenced to 8 Months in Prison for Cryptocurrency Trading Manipulation

Strategic Insights -

Aleksei Andriunin, 26, the founder and CEO of Gotbit Consulting LLC, a financial services firm known for its market-making activities in the cryptocurrency industry, was sentenced to eight months in prison and one year of supervised release for his role in manipulating cryptocurrency trading volume on behalf of client companies. Andriunin pleaded guilty to charges of wire fraud and conspiracy to commit market manipulation and wire fraud in March 2025. Gotbit was also ordered to forfeit approximately $23 million in seized cryptocurrency and cease operations for five years as part of its criminal resolution.

Key Takeaways:

  • Gotbit Consulting LLC, a market-making firm in the cryptocurrency industry, was involved in fraudulent manipulation of cryptocurrency trading volume on behalf of client companies.
  • Aleksei Andriunin, the founder and CEO of Gotbit, was sentenced to eight months in prison and one year of supervised release for his role in the manipulation scheme.
  • Gotbit was ordered to forfeit approximately $23 million in seized cryptocurrency and cease operations for five years as part of its criminal resolution.
  • The Securities & Exchange Commission brought a related civil enforcement action against Gotbit alleging violations of securities laws.
  • Gotbit is the third market maker to resolve criminal charges related to wash trading in the cryptocurrency industry.
  • The case was prosecuted by Assistant U.S. Attorneys Christopher J. Markham and David M. Holcomb, with Assistant U.S. Attorney Carol Head handling the forfeiture matter.

Statistics:

  • $23 million: approximately the amount of cryptocurrency forfeited by Gotbit as part of its criminal resolution.
  • 8 months: the prison sentence imposed on Aleksei Andriunin for his role in the manipulation scheme.
  • 5 years: the term of probation imposed on Gotbit, during which time the firm must cease operations.
  • 3: the number of market makers to resolve criminal charges related to wash trading in the cryptocurrency industry, including Gotbit.

Sources:

  • "U.S. Attorney's Office for the District of Massachusetts" (Office of United States Attorneys)