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Moscow student makes a living by faking crypto volumes
Alexey Andryunin is a 20-year-old sophomore at Moscow State University, making a living by manipulating the market. Gotbit, a company that he co-founded, provides a controversial but very profitable services. With a portfolio of over 30 companies, the firm uses bots to manipulate the volume of a token in small exchanges. Even though Alexey knows that his work is unethical, he is not planning to stop it as he is earning quite good money from it.
The Moscow-based firm is helping unknown cryptocurrencies to get listed on CoinmarketCap by looking like they are being constantly traded on those secondary exchanges. The bot used by the 20-years-old trader is able to trade a coin back and forth, to influence market data.
In an interview with CoinDesk, Andryunin confirmed that he is not interested in registering Gotbit under any jurisdiction as the business is not “entirely unheard-of, either, in a global market notorious for its lack of transparency”.
After the interview was published, Twitter was shaken profoundly as many people didn't know about the existence of those type of shady businesses. In fact, many specialists say that it is not hard to find those type of services nowadays. One of the most recognized personalities in the crypto space, Bobby Ong stated that:
“These operators usually go around claiming that they can do market-making for token projects and inflate trading volume for a fee. This practice is also known as wash trading and is illegal”.
The sophomore believes that crypto projects should “fake it until they make it”, that's why he goes out every morning to look for potential clients.
To solve inefficiencies in the market such as this one, CoinMarketCap launched a few months ago an initiative called Data Accountability & Transparency Alliance (DATA). DATA aims to gather credible information about projects, as well as checking the records of their trading volume. In addition, the world-leading cryptocurrency portal will be adding more strict requirements in the listing framework, to ensure transparency.
Image licensed via Shutterstock
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