TLDR

• Aleksei Andriunin, 26-year-old Russian founder of Gotbit, extradited from Portugal to US
• Charged with wire fraud and conspiracy to commit market manipulation, facing up to 25 years
• Allegedly ran crypto “wash trading” services to artificially inflate token volumes and prices
• Gotbit and two directors also indicted; company allegedly earned tens of millions from these services
• Andriunin reportedly transferred millions from Gotbit into his personal Binance account

Aleksei Andriunin, the 26-year-old Russian founder of cryptocurrency firm Gotbit, has been extradited to the United States to face serious fraud charges. Andriunin appeared in federal court in Boston on February 25, 2025, after being arrested in Portugal last October.

The US Department of Justice announced the extradition in a press release on February 26. Andriunin faces charges of wire fraud and conspiracy to commit market manipulation and wire fraud. These charges carry a combined maximum sentence of 25 years in prison.

A Boston federal grand jury also indicted Gotbit as a company. Two other Gotbit directors were named in the indictment. They are Fedor Kedrov, Gotbit’s Director of Market Making, and Qawi Jalili, the company’s Director of Sales.

Prosecutors claim that between 2018 and 2024, Gotbit operated as a “market maker” that provided market manipulation services. The company allegedly helped create fake trading volume for multiple cryptocurrency companies. Some of these client companies were based in the United States.

Wash Trading

The indictment describes how Gotbit developed code for “wash trading.” This practice artificially inflates trading volumes of cryptocurrencies. The goal was to get these tokens listed on CoinMarketCap, a website that tracks trending cryptocurrencies.

Getting listed on CoinMarketCap could help tokens trade on larger cryptocurrency exchanges. This increased visibility and trading access could potentially raise token prices and benefit token creators.

Andriunin was not secretive about Gotbit’s services. In a 2019 interview with CoinDesk, he openly admitted his business was “not entirely ethical.” This interview is referenced in the DOJ’s announcement.

Court documents allege that Gotbit marketed these wash trading tactics to potential clients. The company reportedly explained how it used multiple accounts to avoid detection of wash trades on public blockchains.

The scale of the alleged fraud appears to be large. According to prosecutors, Gotbit made wash trades worth millions of dollars for its clients. The company allegedly received “tens of millions of dollars in proceeds” from these fraudulent services.

Andriunin himself is accused of transferring millions of dollars from Gotbit’s business proceeds into his personal Binance account. Binance is one of the world’s largest cryptocurrency exchanges.

Facing 20 Years in Prison

If convicted of wire fraud, Andriunin could face up to 20 years in prison. This charge also carries a fine of up to $250,000 or twice the gross gain or loss from the offense. He may also face restitution and forfeiture of assets.

The conspiracy charge carries its own penalties. Andriunin could face up to 5 years in prison for conspiracy to commit market manipulation and wire fraud. This charge also includes up to three years of supervised release.

The case involved international cooperation. The FBI’s Legal Attaché in Madrid and Portugal’s Policia Judiciaria European Network of Fugitive Active Search Team (ENFAST) provided assistance. The Justice Department’s Office of International Affairs coordinated with Portuguese authorities to secure Andriunin’s arrest and extradition.

US Attorney Leah B. Foley and FBI Special Agent in Charge Jodi Cohen made the announcement about the extradition. Assistant US Attorneys Christopher J. Markham and David M. Holcomb from the Securities, Financial & Cyber Fraud Unit are prosecuting the case.

Andriunin is currently detained pending a future hearing. The date for this hearing has not yet been scheduled. According to legal principles in the US justice system, the defendants are presumed innocent until proven guilty beyond a reasonable doubt.