Gotbit Founder Sentenced: Crypto Market Manipulation Case Impacts Low-Liquidity Altcoins

Aleksei Andriunin, founder of Gotbit Consulting, has been sentenced in the U.S. for manipulating cryptocurrency markets, specifically impacting low-liquidity altcoins. This case resulted in a $23 million forfeiture and the mandated cessation of operations for Gotbit. 2018 to 2024 saw the manipulation of crypto markets by Andriunin, as he was found guilty of wash trading schemes to create an illusion of market activity. The sentencing underscores the increased regulatory scrutiny within the cryptocurrency industry, influencing investor confidence and market integrity.