Aleksei Andriunin, CEO of Gotbit Consulting LLC, has been sentenced to prison for market manipulation charges involving cryptocurrency markets. The firm’s alleged involvement in wash trading, artificially inflating asset volumes and prices, has resulted in a $23 million forfeiture order. While the exact impact on low-liquidity altcoins remains unclear, the case highlights the ongoing crackdown on unethical practices within the cryptocurrency sector. 8 months imprisonment were handed down by the court, which also ordered the cessation of Gotbit’s operations for five years. The investigation and legal actions against Gotbit have received attention in the regulatory sphere as it marks the third company facing similar charges in the U.S., underscoring the need for transparency in the crypto market.