The U.S. Department of Justice has indicted 10 executives and employees from four cryptocurrency market makers—Gotbit, Vortex, Antier, and Contrarian—for allegedly conspiring to manipulate trading volumes and token prices. Key figures, including Contrarian CEO Manu Singh and Vortex CEO Gleb Gora, were arrested overseas and extradited to face charges, which carry potential 20-year sentences. The charges stem from an FBI sting operation using fake tokens, expanding on a similar 2024 crackdown.
The U.S. Department of Justice announced indictments against 10 individuals from four cryptocurrency market-making firms. The charged companies are Gotbit, Vortex, Antier, and Contrarian.
Contrarian CEO Manu Singh and employee Vasu Sharma were arrested in Singapore and extradited to the U.S. Vortex CEO Gleb Gora was also extradited to face the alleged charges.
In a statement, federal prosecutors outlined the charges. “The indictments allege that the defendants not only conspired to inflate the trading volume and price of cryptocurrencies but also profited through the sale of the cryptocurrencies at inflated prices to unwitting investors,” the statement said.
The FBI operation involved creating fake tokens to expose the scheme. The market makers allegedly agreed to offer ‘manipulation-as-a-service’ to artificially pump and dump these tokens.
This 2026 action expands investigations from a 2024 sting that nabbed 18 people. Gotbit CEO Aleksei Andriunin was a key figure in that earlier operation.
If convicted, the defendants could face up to 20 years in prison. The case highlights ongoing regulatory scrutiny of trading practices in digital asset markets.
The crackdown comes as major exchanges address integrity concerns. Binance recently issued new rules for market makers and warned of punishment for rogue players.
Industry representatives commented on the enforcement action. Joshua Riezman, legal officer at market maker GSR, stated, “Thank you, DOJ, for the periodic reminder that in crypto, unfortunately, there are still market makers and ‘market makers’ and the latter is just crime with better branding.”
