**Gotbit CEO Alexey Andryunin Arrested Amid Crypto Fraud Investigation**
Alexey Andryunin, CEO of **Gotbit**, was recently arrested in Portugal at the request of the **FBI** and now awaits extradition to the U.S. to face charges related to cryptocurrency fraud. **Gotbit Hedge Fund**, a key market maker for the **Hamster Kombat ($HMSTR)** token, has been placed under investigation, sparking concern among investors. Following the arrest, **$HMSTR** saw a **12% drop** in value over the past 24 hours.
The U.S. Department of Justice has implicated **16 companies** and several individuals in a major cryptocurrency fraud case. Besides Gotbit, **ZM Quant** and **CLS Global** have also come under scrutiny. So far, the investigation has resulted in **four arrests**, **six plea deals**, and the seizure of over **$30 million in cryptocurrency**.
The FBIâs investigation, involving the creation of a **Ethereum-based token** called **NexFundAI**, uncovered fraudulent practices like **wash trading**, where firms artificially manipulate trading volumes using multiple wallets and fake transactions. These serious offenses carry penalties of up to **25 years in prison** for market manipulation.
This case highlights the ongoing risks in the cryptocurrency space and underscores the importance of caution for investors.
Stay informed and vigilant!
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