Aleksei Andriunin, founder and CEO of the cryptocurrency market-making firm Gotbit, pleaded guilty to market manipulation and wire fraud in a Boston federal court.

The 26-year-old Russian national was extradited from Portugal last month after his arrest in October 2024.

Prosecutors said Gotbit used “wash trading” from 2018-2024 to inflate token volumes and boost market visibility. This scheme generated millions in sham trades and tens of millions in proceeds.

His plea is part of the FBI’s “Operation Token Mirrors,” which has charged 15 individuals and three firms for crypto-related fraud.

Prosecutors will recommend up to two years in prison, and Gotbit will forfeit around US$23 million in cryptocurrency.

Andriunin’s sentencing is set for June 16. People linked to Saitama and Robo Inu, involved in Gotbit’s activities, also face charges. His lawyer has not commented.