Gotbit Founder Sentenced for Crypto Manipulation, Market Repercussions Highlighted

Aleksei Andriunin, founder and CEO of crypto market maker Gotbit, has been sentenced to eight months in prison for engaging in fraudulent market manipulation practices. The court seized $23 million in stablecoins related to these illicit activities. This sentencing marks a significant step forward in the fight against manipulation within the cryptocurrency industry. Gotbit’s operations were suspended for five years by the court and their past involvement in artificially inflating trading volumes is a clear indicator of unethical market-making practices.