The founder of a cryptocurrency financial services firm admitted to U.S. charges on Friday, acknowledging his role in a large-scale scheme to manipulate the market for digital tokens on behalf of client companies.
Alexey Andryunin, the founder and CEO of the crypto "market-making company" Goat Butt, along with his company, filed guilty pleas in a Boston federal court. They admitted to conspiring to manipulate the market and committing wire fraud.
These pleas from the Russian citizen and his company came less than a month after the 26-year-old Andryunin was extradited from Portugal, where he had been residing at the time of his arrest in October as part of an investigation into the crypto sector.
He was among 15 individuals and three firms charged in a new investigation called "Operation Token Mirrors," where the FBI, for the first time, created its own digital token to help catch fraudsters in the crypto market.
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