Alex Andryunin, the founder of Gotbit, a now-defunct cryptocurrency exchange, has entered into a plea agreement with US Attorney Leah B. Foley of the District of Massachusetts.
The deal, signed yesterday (March 19), addresses charges of wire fraud and cryptocurrency market manipulation leveled against the Russian national. This development signals a significant turn in a case that has drawn attention to illicit practices within the crypto industry.
Gotbit Founder Forfeits $23M in Crypto Market Manipulation Plea Deal.
The #Gotbit founder's plea agreement could result in no prison time and no additional fines beyond the forfeiture, pending court approval.
Andriunin's involvement with Gotbit's operations caused financial… pic.twitter.com/KbY3AmCAwF
— CryptoDaku (@CryptoDaku_) March 20, 2025
Adryunin Agrees To Forfeit Nearly $23 Million In Stablecoins
Andryunin has agreed to forfeit $22.9 million in stablecoins as part of the plea deal. The eight-figure stash comprises $18.7 million USDT and $4.2 million USDC.
According to a court document, these stablecoins were technically owned by the Gotbit exchange and under Andryunin’s exclusive control. Under the terms of the agreement, Andryunin will plead guilty to three charges.
They are one count of conspiracy to commit wire fraud and market manipulation and two counts of wire fraud. They carry potential prison sentences of five and twenty years, respectively.
Originally, these charges could have led to decades behind bars, along with fines, restitution, and supervised release. However, the plea deal significantly softens the punishment.
The US Attorney’s office has agreed to recommend a reduced sentence of up to 24 months in prison, followed by 36 months of supervised release. Adryunin will face no additional fines beyond the forfeiture of the stablecoins.
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Russian National Banned From Having Any Involvement In US-Based Crypto Platforms
In Portugal, 26-year-old Russian Alexey Andryunin, the head of the cryptocurrency market maker Gotbit, has been detained at the request of the FBI.
As part of Operation Token Mirrors, the FBI created its own crypto token to enter into a contract with each of the accused… pic.twitter.com/irHQB6TfkS
— Kvist (@kvistp) October 10, 2024
A notable condition of the supervised release is that Andryunin must refrain from involvement in issuing, purchasing, offering, or selling cryptocurrencies on US-based trading platforms.
While the prosecution’s sentencing recommendation is lenient compared to the initial exposure, the court retains the authority to impose a different sentence after reviewing the case. Andryunin is now locked into his guilty plea and cannot retract it.
Andryunin was arrested in Portugal in October 2024, facing allegations that he and others established crypto firms, misrepresented their tokens, and engaged in wash trading to artificially inflate prices.
While the Trump administration has showcased a pro-crypto stance since the beginning of 2025, this plea deal underscores the US government’s ongoing efforts to crack down on fraudulent activities in the volatile cryptocurrency sector.
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Gotbit founder Alex Andryunin gives up $23m in stablecoins as part of ongoing legal case in US
- Andryunin is facing charges of wire fraud and market manipulation and could face 20 years in prison
- The Gotbit founder was arrested in Portugal back in October 2024
- BTC Bull (BTCBULL) presale closes in on $4m in funding with its BTC airdrops coming closer to reality
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