Key Information:

• Aleksei Andriunin, the founder of Gotbit, has agreed to plea guilty to wire fraud charges. He will serve a maximum of 24 months in prison as part of an agreement with U.S. prosecutors.
• The 26-year-old entered a guilty plea involving conspiracy to manipulate token prices and will forfeit around $23 million in stablecoins connected to his offenses.
• Gotbit, along with other companies, was involved in allegedly providing paid market manipulation services.

Andriunin’s guilty plea follows his extradition from Portugal last month, where he faced serious charges that could have led to a 25-year prison sentence. In a previous interview, he acknowledged that Gotbit’s operations were not entirely ethical, revealing he created artificial trading volume for projects to gain listings on exchanges like CoinMarketCap.

Additionally, other market-making firms have been similarly charged for offering fraudulent market services. The date for Andriunin’s sentencing has yet to be established.