As CEO, Andryunin reportedly oversaw operations related to “Wash Trading,” a deceptive practice in which the company executes fictitious trades to inflate trading volume and mislead investors about the actual demand for cryptocurrencies. If convicted, he could face up to 20 years in prison, as well as fines and asset seizure. The indictment also states that Gotbit executives Fedor Kedrov and Kavi Jalili were accomplices.
The US Department of Justice seized more than $25 million in crypto assets and detained four people at various companies.
Source: Ferra
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