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Alexey Andryunin, a 20 years-old applied math student from Moscow, has recently spoken about the business he co-founded. Their main customer? Crypto projects with little ethics.
Since last year, Andryunin has been working with up to 30 projects ranking in the top 200 to 500 by market cap, according to an article recently published by Coindesk.
The leader of the fake volume op Gotbit admitted that one of the projects they worked with once reached the top 100, although it did have a real team and product. He did not disclose the name of the unlawfully pumped project, however.
Their core business is supplying with fake trading volume using bots to generate orders, with prices ranging from $6,000 to support fake trading for a month up to $15,000 for getting into CoinMarketCap, with the necessary listing in two exchanges.
On his conclusions, Andryunin offered some interesting insights with regards to the future of market manipulation. Due to the involvement of the Financial Action Task Force to regulate crypto services and exchanges, security measures and customer identification processes are likely to strengthen up. The scenario envisioned by Gotbit´s mastermind poises as quite an impossible challenge the continuation of his business model:
“I think FATF will shut it down quickly: the cryptocurrency exchanges will be regulated like NASDAQ and pumping fake volumes will be banned.”
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