How Fraud Trading Manipulated Crypto: Gotbit’s Secret Exposed 

• Crypto Fraud Crackdown: FBI’s Operation Token Mirrors exposed Gotbit’s role in wash trading, inflating digital asset values.
• High-Profile Extradition: Aleksei Andriunin’s arrest marks a major step in tackling cryptocurrency market manipulation schemes.
• Ongoing Legal Battle: With co-conspirators still at large, U.S. prosecutors intensify efforts to hold crypto fraudsters accountable.

U.S. authorities extradited Gotbit founder Aleksei Andriunin from Portugal to face wire fraud and market manipulation charges. His arrest followed an extensive FBI investigation into fraudulent cryptocurrency trading practices.

Andriunin arrived in the U.S. on February 25, 2025, after his October 8, 2024, arrest. He appeared in a Boston federal court, where a judge ordered his detention pending further proceedings.

Market Manipulation Allegations

Federal prosecutors accuse Andriunin of orchestrating fraudulent activities through Gotbit between 2018 and 2024. Court documents reveal that Gotbit engaged in market manipulation through wash trading, artificially inflating trading volume to mislead investors.

Investigators report that Gotbit’s tactics helped digital assets secure listings on platforms like CoinMarketCap. Prosecutors allege that Andriunin, Gotbit directors Fedor Kedrov and Qawi Jalili, generated millions in illicit revenue, transferring funds into his Binance account.

If convicted, he faces up to 20 years for wire fraud and five more years for market manipulation. Authorities continue searching for Kedrov and Jalili.

FBI’s Operation Token Mirrors

An important step in the FBI-led investigation into cryptocurrency fraud, Operation Token Mirrors, has been taken with Andriunin’s extradition. Three businesses and fifteen people have been charged as a result of the investigation.

FBI officers developed a digital token as part of the investigation to monitor fraudulent trading patterns, which led to the discovery of sophisticated cryptocurrency price manipulation techniques. Prosecutors regard Gotbit’s case as one of the most significant market manipulations in the industry.

Authorities from the United States, Portugal, and Interpol collaborated on Andriunin’s extradition. The U.S. Attorney’s Office in Massachusetts is handling his case.

During the court appearance, Andriunin did not enter a plea, and his legal team has not commented. The investigation remains ongoing.