The SEC exposed a $42 million cryptocurrency market manipulation scheme involving Gotbit 💥

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The U.S. Securities and Exchange Commission (SEC) has uncovered manipulations in the cryptocurrency market involving Gotbit Consulting LLC, led by Alexey Andriunin. The scheme included the use of "wash trading" — fake trades that create the illusion of activity and inflate prices. As a result, Gotbit made millions of dollars.

The allegations concern the period from 2018 to 2024, during which Gotbit manipulated the markets of tokens such as Saitama and Robo Inu. This led to a 63% drop in Saitama prices, causing panic among investors. Nevertheless, analysts point out that such events may contribute to the long-term recovery of the market.

This material was prepared by Khachatur Davtyan, developed and translated by artificial intelligence.

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