Emma Nelson 
Gotbit Founder Aleksei Andriunin Extradited to the U.S. on Market Manipulation and Wire Fraud Charges. Aleksei Andriunin, the founder of Gotbit, has been extradited from Portugal to the United States to face charges of wire fraud and market manipulation. The 26-year-old Russian national was arrested in Portugal on October 8, 2024, and was handed over to U.S. authorities on February 25, 2025. Following his extradition, Andriunin appeared before a federal court in Boston, where he was ordered to remain in custody until his next hearing.
His extradition reflects the growing international crackdown on financial crimes in the cryptocurrency industry. It follows the recent extradition of Do Kwon, the founder of Terraform Labs, who was also brought to the U.S. to face fraud charges linked to the collapse of the Terra blockchain ecosystem.
Charges Against Gotbit Founder Aleksei Andriunin
In October 2024, a federal grand jury in Boston indicted Aleksei Andriunin on charges related to his company, Gotbit, which prosecutors allege engaged in extensive market manipulation between 2018 and 2024. The indictment also names Gotbit’s two directors, Fedor Kedrov and Qawi Jalili, who are currently at large.
Authorities accuse Gotbit of employing “wash trading”, an illegal practice used to artificially inflate trading volumes and deceive investors. The company allegedly utilized this strategy to enhance the visibility of certain digital assets, facilitating their listings on major cryptocurrency platforms like CoinMarketCap.
According to court documents, Gotbit generated tens of millions of dollars in revenue through these fraudulent activities. Prosecutors further allege that Andriunin personally transferred millions of dollars from these proceeds into his Binance account. If convicted, Andriunin could face up to 20 years in prison for wire fraud and an additional five years for conspiracy to commit market manipulation.
FBI’s Operation Token Mirrors: Uncovering Crypto Market Manipulation
The arrest and extradition of Aleksei Andriunin are part of the FBI’s Operation Token Mirrors, a large-scale investigation into cryptocurrency-related fraud. This operation has so far resulted in charges against 15 individuals and three companies involved in market manipulation.
As part of the operation, FBI agents created their own digital token to track fraudulent trading activities. This innovative approach led to the uncovering of several schemes aimed at artificially inflating cryptocurrency prices. Authorities have described the Gotbit case as one of the most comprehensive market manipulation investigations in the cryptocurrency industry to date.
The charges against Andriunin come amid a broader effort by law enforcement agencies worldwide to combat financial crimes within the digital asset space. This crackdown follows the recent extradition of Do Kwon, the former CEO of Terraform Labs, who is facing fraud charges related to the collapse of TerraUSD and Luna, which caused billions of dollars in investor losses.
Gotbit’s Alleged Role in Crypto Market Manipulation
Gotbit marketed itself as a cryptocurrency market maker but is accused of engaging in activities far beyond legitimate trading. Authorities allege that Gotbit used multiple accounts to execute fake trades, making certain cryptocurrencies appear more active and valuable than they actually were.
In a 2019 interview, Aleksei Andriunin reportedly revealed that he had developed software to conduct undetectable wash trades. Prosecutors claim these fraudulent tactics misled investors by creating a false impression of market demand and liquidity. This deception allegedly helped various cryptocurrency projects secure funding under false pretenses.
Investigators have linked Gotbit’s services to several cryptocurrencies, including Saitama and Robo Inu, both of which are currently under scrutiny. Authorities believe that Gotbit’s manipulative practices distorted market data and misled investors, drawing parallels to other high-profile scams like the Libra token fraud.
By artificially inflating trading volumes, Gotbit is alleged to have helped lesser-known cryptocurrencies gain credibility and listings on prominent exchanges.
International Cooperation and Ongoing Investigations
Aleksei Andriunin’s extradition to the U.S. was made possible through coordinated efforts between the United States, Portugal, and Interpol. The case is being prosecuted by the U.S. Attorney’s Office in Massachusetts, known for its proactive stance against cryptocurrency-related fraud.
During his appearance in the Boston federal court, Andriunin did not enter a plea, and his legal team has so far declined to comment on the case. Meanwhile, Gotbit’s directors, Fedor Kedrov and Qawi Jalili, are still at large and remain subjects of an ongoing international search.
This case represents one of the most significant actions taken against crypto market manipulation, highlighting the intensifying global crackdown on financial crimes within the digital asset industry. As investigations continue, the outcome of this case could set a critical precedent for regulatory actions in the cryptocurrency market.
