https://www.reuters.com/legal/us-indicts-founder-crypto-firm-gotbit-alleged-market-manipulation-2024-10-31/US indicts founder of crypto firm Gotbit for alleged wire fraud
"WASHINGTON, Oct 31 (Reuters) - The founder of cryptocurrency market maker Gotbit was indicted for his alleged role in a wide-ranging conspiracy to manipulate cryptocurrency markets on behalf of client cryptocurrency companies, the U.S. Justice Department said on Thursday.
Aleksei Andriunin, 26, was charged with wire fraud and conspiracy to commit market manipulation and wire fraud in a superseding indictment, the Justice Department said in a statement.
The U.S. Justice Department says that between 2018 and 2024, when Andriunin was the firm's CEO, Gotbit provided market manipulation services to create artificial trading volume for multiple cryptocurrency companies, including companies located in the United States.
The superseding indictment also charged Gotbit and two of its directors, Fedor Kedrov and Qawi Jalili, who were previously charged in an indictment unsealed on Oct. 9."
Founder of Cryptocurrency Financial Services Firm “MyTrade” Pleads Guilty to Market Manipulation and Fraud Conspiracy
That's good news if they indeed committed the crime. These crypto platforms have made a fortune from manipulation while unsuspected investors lose money.
And without market makers, this market would be dead. All market makers commit crimes and manipulate the prices, just like crypto exchanges play against their traders. Now we have to shut down the whole business and arrest the executives?
