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The founder of Gotbit has reached a plea agreement with U.S. authorities to forfeit $23 million in cryptocurrency related to market manipulation charges

ChainCatcher news, according to Decrypt, Gotbit founder Aleksei Andriunin has reached a plea agreement with U.S. authorities to forfeit $23 million in crypto assets related to market manipulation charges. Court documents cited by Law360 show that Andriunin was involved in Gotbit's actions that caused "decentralized market participants" to suffer financial "harm" as they purchased cryptocurrencies at "fraudulently inflated prices." The founder of Gotbit was extradited to the U.S. at the end of February, after being arrested in Portugal four months earlier.The plea agreement could result in Andriunin avoiding prison time and not having to pay additional fines beyond the forfeiture of assets. However, the court retains final discretion over the terms of the sentencing. The total amount of assets subject to civil forfeiture is $23 million, including stablecoins issued by Tether and Circle, held in four wallets "fully controlled" by Andriunin. Court documents indicate that Andriunin will be subject to three years of supervised release, during which he is strictly prohibited from engaging in any crypto activities.Previously, in November last year, it was reported that the U.S. Department of Justice charged Gotbit's CEO with orchestrating a large-scale scheme of false trading.
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