Latest news with #OperationTokenMirrors
Yahoo
2 days ago
- Business
- Yahoo
Russian cryptocurrency firm founder avoids further US prison time for fraud
By Nate Raymond BOSTON (Reuters) -A Russian-born founder of a cryptocurrency financial services firm avoided having to spend any further time in a U.S. prison on Thursday for participating in a wide-ranging scheme to manipulate the market for digital tokens on behalf of his company's clients. Federal prosecutors in Boston had argued that Aleksei Andriunin, the founder and CEO of cryptocurrency "market maker" Gotbit, deserved a 15-month prison sentence after he pleaded guilty in March to charges that he conspired to commit market manipulation and engaged in wire fraud. Instead, U.S. District Judge Angel Kelley sentenced him to just eight months in prison, which he was deemed to have already served based on the time he spent in jail following his arrest in October in Portugal, prosecutors said. Portugal extradited him in February. He now faces deportation. His company Gotbit was meanwhile ordered to forfeit $23 million worth of cryptocurrency as part of a separate plea deal. "We're incredibly gratified by the sentence, and he's looking forward to getting home to his wife and family," Roger Burlingame, his lawyer at Dechert, said. Andriunin and Gotbit were among 15 people and three firms charged last year following a novel investigation dubbed "Operation Token Mirrors," in which the FBI for the first time directed the creation of its own digital token to help catch fraudsters in the crypto market. Before the charges were filed, Gotbit was a premier "market maker" in the cryptocurrency industry, making tens of millions of dollars in annual revenue and employing over 200 people, prosecutors said. Prosecutors said that from 2018 to 2024, Gotbit engaged in "wash trading," a form of sham trading, and market manipulation on behalf of several cryptocurrency clients to help artificially inflate trading volume for their tokens. Prosecutors cited a 2019 interview published online in which Andriunin described developing a code to wash trade cryptocurrencies to artificially inflate trading volume so they could become listed on larger cryptocurrency exchanges.
Straits Times
2 days ago
- Business
- Straits Times
Russian cryptocurrency firm founder avoids further US prison time for fraud
A representation of the cryptocurrency is seen in front of word \"Cryptocurrency\" and Russian flag in this illustration taken, March 4, 2022. REUTERS/Dado Ruvic/Illustration BOSTON - A Russian-born founder of a cryptocurrency financial services firm avoided having to spend any further time in a U.S. prison on Thursday for participating in a wide-ranging scheme to manipulate the market for digital tokens on behalf of his company's clients. Federal prosecutors in Boston had argued that Aleksei Andriunin, the founder and CEO of cryptocurrency "market maker" Gotbit, deserved a 15-month prison sentence after he pleaded guilty in March to charges that he conspired to commit market manipulation and engaged in wire fraud. Instead, U.S. District Judge Angel Kelley sentenced him to just eight months in prison, which he was deemed to have already served based on the time he spent in jail following his arrest in October in Portugal, prosecutors said. Portugal extradited him in February. He now faces deportation. His company Gotbit was meanwhile ordered to forfeit $23 million worth of cryptocurrency as part of a separate plea deal. "We're incredibly gratified by the sentence, and he's looking forward to getting home to his wife and family," Roger Burlingame, his lawyer at Dechert, said. Andriunin and Gotbit were among 15 people and three firms charged last year following a novel investigation dubbed "Operation Token Mirrors," in which the FBI for the first time directed the creation of its own digital token to help catch fraudsters in the crypto market. Before the charges were filed, Gotbit was a premier "market maker" in the cryptocurrency industry, making tens of millions of dollars in annual revenue and employing over 200 people, prosecutors said. Prosecutors said that from 2018 to 2024, Gotbit engaged in "wash trading," a form of sham trading, and market manipulation on behalf of several cryptocurrency clients to help artificially inflate trading volume for their tokens. Prosecutors cited a 2019 interview published online in which Andriunin described developing a code to wash trade cryptocurrencies to artificially inflate trading volume so they could become listed on larger cryptocurrency exchanges. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
The Star
2 days ago
- Business
- The Star
Russian cryptocurrency firm founder avoids further US prison time for fraud
BOSTON (Reuters) -A Russian-born founder of a cryptocurrency financial services firm avoided having to spend any further time in a U.S. prison on Thursday for participating in a wide-ranging scheme to manipulate the market for digital tokens on behalf of his company's clients. Federal prosecutors in Boston had argued that Aleksei Andriunin, the founder and CEO of cryptocurrency "market maker" Gotbit, deserved a 15-month prison sentence after he pleaded guilty in March to charges that he conspired to commit market manipulation and engaged in wire fraud. Instead, U.S. District Judge Angel Kelley sentenced him to just eight months in prison, which he was deemed to have already served based on the time he spent in jail following his arrest in October in Portugal, prosecutors said. Portugal extradited him in February. He now faces deportation. His company Gotbit was meanwhile ordered to forfeit $23 million worth of cryptocurrency as part of a separate plea deal. "We're incredibly gratified by the sentence, and he's looking forward to getting home to his wife and family," Roger Burlingame, his lawyer at Dechert, said. Andriunin and Gotbit were among 15 people and three firms charged last year following a novel investigation dubbed "Operation Token Mirrors," in which the FBI for the first time directed the creation of its own digital token to help catch fraudsters in the crypto market. Before the charges were filed, Gotbit was a premier "market maker" in the cryptocurrency industry, making tens of millions of dollars in annual revenue and employing over 200 people, prosecutors said. Prosecutors said that from 2018 to 2024, Gotbit engaged in "wash trading," a form of sham trading, and market manipulation on behalf of several cryptocurrency clients to help artificially inflate trading volume for their tokens. Prosecutors cited a 2019 interview published online in which Andriunin described developing a code to wash trade cryptocurrencies to artificially inflate trading volume so they could become listed on larger cryptocurrency exchanges. (Reporting by Nate Raymond in Boston; Editing by Daniel Wallis)
Yahoo
21-03-2025
- Business
- Yahoo
Cryptocurrency firm founder pleads guilty in US to market manipulation scheme
By Nate Raymond BOSTON (Reuters) - The founder of a cryptocurrency financial services firm pleaded guilty on Friday to U.S. charges that he participated in a wide-ranging scheme to manipulate the market for digital tokens on behalf of client companies. Aleksei Andriunin, the founder and CEO of cryptocurrency "market maker" Gotbit, and his company entered guilty pleas in federal court in Boston to charges that they conspired to commit market manipulation and committed wire fraud. The pleas by the Russian national and his company came less than a month after Andriunin, 26, was extradited from Portugal, where he had been residing at the time of his arrest in October as part of a probe into the crypto sector. They were among 15 people and three firms charged following a novel investigation dubbed "Operation Token Mirrors," in which the FBI for the first time directed the creation of its own digital token to help catch fraudsters in the crypto market. According to their plea deals, prosecutors have agreed to recommend that Andriunin receive up to two years in prison when he is sentenced on June 16, prosecutors said. Gotbit agreed to forfeit about $23 million in cryptocurrency. Andriunin's lawyer did not respond to a request for comment. Prosecutors said that from 2018 to 2024, Gotbit engaged in "wash trading," a form of sham trading, and market manipulation on behalf of several cryptocurrency clients to help artificially inflate trading volume for their tokens. The indictment cited a 2019 interview published online in which Andriunin described developing a code to wash trade cryptocurrencies to artificially inflate trading volume so they could get listed and trade on larger cryptocurrency exchanges. Prosecutors said Gotbit made wash trades worth millions of dollars and received tens of millions of dollars in proceeds for its services for cryptocurrencies including Saitama and Robo Inu. Individuals associated with those cryptocurrencies have also been charged.
Khaleej Times
21-03-2025
- Business
- Khaleej Times
Crypto firm CEO pleads guilty to market manipulation, fraud charges
The founder of a cryptocurrency financial services firm pleaded guilty on Friday to US charges that he participated in a wide-ranging scheme to manipulate the market for digital tokens on behalf of client companies. Aleksei Andriunin, the founder and CEO of cryptocurrency "market maker" Gotbit, and his company entered guilty pleas in federal court in Boston to charges that they conspired to commit market manipulation and committed wire fraud. The pleas by the Russian national and his company came less than a month after Andriunin, 26, was extradited from Portugal, where he had been residing at the time of his arrest in October as part of a probe into the crypto sector. They were among 15 people and three firms charged following a novel investigation dubbed "Operation Token Mirrors," in which the FBI for the first time directed the creation of its own digital token to help catch fraudsters in the crypto market. According to their plea deals, prosecutors have agreed to recommend that Andriunin receive up to two years in prison when he is sentenced on June 16, prosecutors said. Gotbit agreed to forfeit about $23 million in cryptocurrency. Andriunin's lawyer did not respond to a request for comment. Prosecutors said that from 2018 to 2024, Gotbit engaged in "wash trading," a form of sham trading, and market manipulation on behalf of several cryptocurrency clients to help artificially inflate trading volume for their tokens. The indictment cited a 2019 interview published online in which Andriunin described developing a code to wash trade cryptocurrencies to artificially inflate trading volume so they could get listed and trade on larger cryptocurrency exchanges. Prosecutors said Gotbit made wash trades worth millions of dollars and received tens of millions of dollars in proceeds for its services for cryptocurrencies including Saitama and Robo Inu. Individuals associated with those cryptocurrencies have also been charged.
