Crypto Collapse: $23 Million Seized

$23 Million Seized as Crypto Market Maker Collapses With Guilty Plea

• The U.S. Department of Justice announced the case on March 21.
• Gotbit Consulting LLC was involved in a long-term fake trading scheme.
• Aleksei Andriunin, the founder, admitted to using custom software for wash trading.
• The scheme inflated token prices and volumes to mislead investors.
• $23 million was seized as part of the investigation.

On March 21, the DOJ revealed that Gotbit Consulting LLC and its founder Aleksei Andriunin were involved in a years-long scheme using custom software to inflate crypto token prices and volumes, resulting in the seizure of $23 million.