Earlier today, U.S. federal prosecutors announced charges against several crypto trading firms, including Gotbit, ZM Quant, CLS Global, and MyTrade, as well as their employees. The charges include market manipulation and fraud.
One of the individuals charged in this case is Alexey Andryunin, the co-founder of Gotbit. A CoinDesk report from 2019 revealed how Andryunin built a business by faking exchange volumes for small crypto tokens. He used trading bots to manipulate the market and get these tokens listed on popular price aggregators like CoinMarketCap.
This case highlights the ongoing challenges in the crypto trading industry, where manipulation and fraudulent activities continue to pose risks for investors and regulators alike. It serves as a reminder of the importance of transparency and accountability in the digital asset space.
