The U.S. Department of Justice (DOJ) announced on June 13, 2025, that Gotbit Consulting LLC, a cryptocurrency-focused financial firm based in Russia and Portugal, has been sentenced for orchestrating a long-running fraudulent scheme to fabricate market activity. The sentencing, handed down in a federal court in Boston, requires Gotbit to dissolve and cease all operations over the next five years. As part of the criminal resolution, the company was ordered to forfeit approximately $23 million in seized cryptocurrency. The court also imposed a five-year probation period during which Gotbit must cease to exist or operate.
Founder Sentenced to Prison
Gotbit's founder and CEO, Aleksei Andriunin, aged 26, was sentenced to eight months in prison followed by one year of supervised release. Andriunin had pleaded guilty to wire fraud and conspiracy charges in March 2025. He was extradited to the U.S. after being arrested in Portugal in October 2024. The DOJ revealed that Gotbit's core business involved manipulating token trading metrics between 2018 and 2024 to create an inflated appearance of market demand.
Wash Trading Scheme
The manipulation centered around wash trading techniques, simulating trading volume by repeatedly buying and selling the same assets through different accounts. In a past interview, Andriunin explained how his code helped clients get listed on visibility-boosting platforms like CoinMarketCap and gain access to larger exchanges. Federal prosecutors emphasized the scope of the misconduct, pointing to Gotbit's work with clients such as Robo Inu and Saitama—companies whose executives face separate charges. A DOJ statement noted that Gotbit made wash trades worth millions of dollars on behalf of clients and received tens of millions of dollars in payments.
Broader Crackdown
Gotbit is the third digital asset market maker to be penalized as part of a broader DOJ crackdown, following actions against Mytrade and CLS Global. A related civil case by the Securities and Exchange Commission (SEC) is ongoing. The case underscores the intensifying scrutiny on crypto market makers and the government's commitment to eliminating fraudulent trading practices in the digital asset space.