Gotbit founder Alex Andryunin has reached a plea agreement with U.S. authorities following wire fraud and market manipulation charges. The deal, which was signed on Wednesday, includes financial consequences for Andryunin, including the loss of millions of dollars in stablecoins.
Under the plea agreement’s terms, Andryunin has agreed to forfeit $22.9 million in stablecoins, including $18.7 million worth of USDT and $4.2 million of USDC. While controlled by Andryunin on behalf of Gotbit, these stablecoins were considered assets linked to illegal activities tied to the firm’s market manipulation. In addition to the forfeited stablecoins, other assets connected to the offense will also be handed over as part of the agreement.
The forfeiture comes in exchange for a plea to multiple charges. Andryunin is set to plead guilty to one count of conspiracy to commit wire fraud and market manipulation and two additional counts of wire fraud. The plea deal’s recommendation from the U.S. Attorney’s office includes a possible sentence of up to 24 months, with 36 months of supervised release, and the waiver of further fines based upon the forfeiture.
Extradition and Legal Proceedings
Andryunin’s legal troubles began last year when Portuguese authorities apprehended him and later sent him to the U.S. in February. After his extradition, his legal team negotiated the terms of the plea deal, presenting it to both the prosecution and the court.
While the court is not bound to accept the terms of the plea agreement, the judge is expected to make a final decision on the sentence, considering the deal’s details.
Impact on Future Activities
As part of the agreement, Andryunin has also agreed not to engage in any activities involving the issuance, purchase, or sale of cryptocurrency on any U.S.-based cryptocurrency trading platform during his supervised release. This condition aims to prevent further involvement in the crypto sector while under legal supervision.
The court has the final say in the sentencing, and both sides can back out of the deal if any part of it is rejected. However, if the court accepts the plea deal, Andryunin will avoid additional jail time, but the final restitution amounts are yet to be determined.
