Russian company manipulates cryptocurrencies’ trading volumes – for $15,000

Image source: Shutterstock / Coinmarketcap

2019-07-18 11:31

Teodor Stig-Matz

teodor.matz@trijo.co

Gotbit's customers can be found on Coinmarketcaps list of the biggest cryptocurrencies.

Market manipulation has been a problem for the crypto world for a long time. The whole thing is seen as unethical, but a company in Russia is completely open with its business, Coindesk reports.

For a fee of approximately $15,000, a company called Gotbit programs bots that trades a cryptocurrency so much that they end up on the Coinmarketcaps list of the biggest cryptocurrencies.

In the gray zone for what is legal

Gotbit is owned by the 20-year-old student Alexey Andryunin, and he believes that the company has about 30 customers located between 300 and 500 on the list of the world’s biggest cryptocurrencies.

Alexey Andryunin realizes that what his company is doing is in the gray zone for what is okay.

“I’m not big on legal questions, but I think doing on NASDAQ what we are doing here would be a financial crime”, he tells Coindesk.