Russian entrepreneur Aleksei Andriunin, founder of the crypto market-making firm Gotbit, has agreed to a plea deal with U.S. federal prosecutors, forfeiting approximately $23 million in digital assets. The move follows his extradition to the United States in October 2024 and a detailed investigation into widespread crypto market manipulation between 2017 and 2024.

The 26-year-old will plead guilty to three counts of conspiracy to commit wire fraud and market manipulation. The plea agreement includes the forfeiture of $23 million in stablecoins—Tether (USDT) and USD Coin (USDC)—but does not cover any other financial penalties or obligations to the U.S. government. Prosecutors have made it clear that the agreement is limited to Massachusetts authorities and does not extend to the U.S. Attorney General or other agencies.

The court is not bound by the proposed sentencing terms, and Andriunin will not be allowed to withdraw his plea if he disagrees with the final judgment.

Andriunin’s firm, Gotbit, was allegedly involved in creating artificial trading volumes for crypto projects globally. Registered in Belize, Gotbit provided services to multiple international clients, including those based in the United States. Federal documents accuse the company of operating a market manipulation scheme for over seven years.

Two other Gotbit executives—marketing director Fedor Kedrov and sales director Qawi Jalili—also face allegations but currently remain in Russia.

Despite Gotbit claiming ownership of the seized assets, U.S. prosecutors stated that the digital funds were fully controlled by Andriunin on behalf of the company. The case continues to shine a harsh spotlight on crypto market manipulation and signals tougher enforcement actions on illicit trading practices.