Alexey Andryunin, the founder of the crypto market-making firm Gotbit, has been extradited to the United States to face serious fraud and market manipulation charges. The U.S. Department of Justice (DOJ) confirmed that Andryunin appeared before a federal court in Boston, where he was taken into custody pending a future hearing.

The 26-year-old Russian national is accused of wire fraud and conspiring to manipulate the crypto market. According to the indictment, his company, Gotbit, along with two of its directors—Fedor Kedrov and Kavi Jalili—allegedly orchestrated schemes to artificially inflate trading volumes for various cryptocurrency projects, including those operating within the U.S.

Between 2018 and 2024, Gotbit gained notoriety in the crypto industry for its so-called market-making services. However, prosecutors claim these services were nothing more than deceptive tactics to create fake trading activity, misleading investors and regulators alike.

If convicted of wire fraud, Andryunin faces up to 20 years behind bars, along with supervised release for up to three years, hefty fines of up to $250,000 (or double the profits gained or damages caused), asset forfeiture, and mandatory restitution. The conspiracy charge carries a separate five-year sentence, similar financial penalties, and additional supervised release. Ultimately, a federal judge will determine his fate under U.S. law.

This legal action follows the DOJ’s November 2024 indictment against Andryunin, marking yet another high-profile crackdown on fraudulent activities in the crypto space.