The United States has extradited Aleksei Andriunin, the 26-year-old CEO and founder of Gotbit, a crypto market-making firm, from Portugal. 

A Russian national, Andriunin, now faces serious charges, including wire fraud, market manipulation, and conspiracy. A federal grand jury in Boston indicted him.

The US Attorney’s Office for the District of Massachusetts confirmed his extradition on February 26. This marked a significant development in a multinational crackdown on cryptocurrency fraud.

“It is alleged that between 2018 and 2024, Gotbit provided market manipulation services to create artificial trading volume for multiple cryptocurrency companies, including companies located in the United States,” the press release read.

Court filings reveal that Andriunin openly acknowledged in a 2019 interview that he had engineered a code to execute “wash trades.” Wash trading is a practice where a trader buys and sells the same asset or security in a short period, creating a false appearance of high trading volume and liquidity.

“Andriunin allegedly kept records of Gotbit’s market manipulation, including spreadsheets that compared “Created Volume” from wash trades with naturally occurring “Market Volume,” the indictment statement noted.

Prosecutors allege this deceptive practice was a cornerstone of Gotbit’s strategy to attract clients. The clients paid steep fees for what they believed was legitimate market support.

Further allegations suggest that Andriunin redirected millions of dollars in illicit proceeds from Gotbit to his personal account on the crypto exchange Binance.

Meanwhile, this case is part of a larger international operation to combat crypto fraud. The Federal Bureau of Investigation (FBI) led it under the name “Operation Token Mirrors.” As part of the investigation, FBI agents created a fake token named NexFundAI to trap manipulators.

The US intelligence service seized more than $25 million in cryptocurrency assets and shut down several trading bots. These bots were associated with around 60 tokens used to manipulate trading volumes and deceive investors.

Legal actions commenced with an indictment unsealed on October 9, 2024. The indictment charged 18 individuals and entities, with Gotbit and its two directors, Fedor Kedrov and Qawi Jalili, among those named.

Additionally, a superseding indictment on October 31, 2024, provided further details about Andriunin’s role. The indictment accused him of masterminding the conspiracy.

If found guilty, Andriunin could be sentenced to up to 20 years for wire fraud. He could also receive an additional five years for conspiracy to manipulate the market and commit wire fraud.

Each charge also carries potential fines of up to $250,000 or double the financial damage caused, along with supervised release, restitution, and asset forfeiture.

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According to Matt Hougan, Bitwise’s Chief Investment Officer, the meme coin market hype is heading for a dramatic downfall, which could mark its end.

Hougan pointed to a series of high-profile scams and illicit activities as the catalysts that will likely extinguish the speculative frenzy surrounding meme coins.

Bitwise CIO Discusses the End of Meme Coin Era

In a recent X (formerly Twitter) post, Hougan noted that the crypto market is currently processing the end of the meme coin frenzy. While the decline may not happen overnight, he predicts that it could be effectively dead within six months.

“The combination of Melania, Libra, and the Lazarus Group using meme coins to launder stolen ETH will kill it dead,” the post read.

The MELANIA token, tied to the former US First Lady, and LIBRA, promoted by Argentine President Javier Milei, have both been embroiled in controversy after insiders reportedly cashed out millions. 

Meanwhile, the Lazarus Group has reportedly leveraged platforms like Pump.fun—a Solana (SOL)-based meme coin launchpad recently compromised in a hack—to launder over $1.5 billion in stolen funds from a massive Bybit exchange heist.

Hougan emphasized that the decline of interest in meme coins could leave a short-term void in market enthusiasm. Yet, new narratives are already poised to take their place. These include the institutional adoption of Bitcoin (BTC), which continues to gain traction with ETFs and large-scale corporate holdings. 

Stablecoins are becoming crucial as major institutions hint at increased adoption. Tokenization is unlocking liquidity in real-world assets. Finally, decentralized finance (DeFi) is staging a comeback, attracting retail and institutional users with fresh innovations.

Nonetheless, not all share Hougan’s pessimism. Memecoins have long thrived on hype and community belief rather than intrinsic value—a phenomenon recently praised by Cryptoquant CEO Ki Young Ju.

“If you can create something people believe in, you can thrive as an entrepreneur in the crypto industry,” he stated.

Ju argued that meme coins tap into deep-seated human instincts and cultural patterns. They reflect the need for symbols and beliefs that bring people together, much like religious or spiritual systems have in the past.

Despite Hougan’s concerns, the meme sector is still showing signs of life. At press time, its market cap stood at $64.2 billion, reflecting a 1.2% increase in the last 24 hours. 

This growth contrasts with the broader crypto market, which has shed $109 billion at the same time. Notably, 7 of the top 10 meme coins have posted gains in the past 24 hours.

Nonetheless, despite these recent gains, 90% of the top 10 meme coins have registered losses over the past week.