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Blockchain Investigator ZachXBT Exposes Gotbit's Controversial Crypto Services

Jack Evans
Sep 25, 2023 at 09:23 pm

Cryptocurrency enthusiasts and investors have always relied on the integrity of crypto service providers. Transparency and ethical practices are the pillars upon which the crypto revolution stands. However, recent revelations by blockchain investigator ZachXBT have raised serious concerns about one prominent player in the crypto market-making sphere—Gotbit.

ZachXBT's exposé, made public on a fateful Sunday, September 24th, unveiled a leaked report detailing the services offered by Gotbit. The report reveals a series of alarming practices that have sent shockwaves through the crypto community.

According to the leaked information, Gotbit boasts the capability to manipulate token prices with the sole intention of creating FOMO (fear of missing out) among investors. This strategy is designed to trigger extreme price surges, allowing Gotbit to capitalize by selling off large quantities of tokens during these artificially induced spikes. It's a scheme that puts the integrity of the entire crypto market at risk.

What's even more disconcerting is Gotbit's claim that its clients have successfully gained listings on prominent exchanges such as OKX, Bybit, and KuCoin. This revelation raises questions about the credibility and due diligence of these exchanges when onboarding new projects.

As this shocking report surfaced, Crypto.news initiated an investigation of its own to verify the authenticity of the leak. However, at the time of writing, no public statements have been made by Gotbit on social media platforms regarding the allegations. The silence from the market maker only deepens the mystery surrounding these accusations.

Gotbit, founded in 2017 by Alex Andryunin and Iuliia Milianovich, has been a presence in the crypto market for several years. The firm's mission, as described on its official website, is to provide a platform-based solution that empowers project founders by returning control of the markets to them. However, recent events cast a shadow over this mission statement.

In a previous admission of questionable ethics, Andryunin acknowledged that Gotbit's business practices weren't entirely ethical. In July 2019, he announced the winding down of the market-making business, citing difficulties posed by stringent customer identification processes. This revelation, coupled with the recent exposé, raises further questions about Gotbit's commitment to ethical conduct.

Interestingly, Gotbit's official website includes a section titled "our friends," listing well-known crypto exchanges and venture firms such as Binance, OKX, Crypto.com, a16z, Gate.io, Bybit, Enjin, and others. However, it remains unclear whether these companies have any current or past affiliations with the Lisbon-based market maker, adding another layer of intrigue to this unfolding story.

The cryptocurrency world is no stranger to controversy and intrigue, but the allegations against Gotbit strike at the heart of trust and ethics within the industry. As the crypto community awaits further developments and responses from Gotbit, one thing is certain: the spotlight is firmly fixed on the need for transparency and ethical behavior in the rapidly evolving world of cryptocurrencies. Investors and enthusiasts alike must remain vigilant and discerning to ensure the integrity of the market they hold dear.

Read more: Terra Classic Implements Key Changes: USTC Minting Halted as Community Votes for Stability

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