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News Explorer — Gotbit Founder Sentenced to Prison for Illegally Boosting Meme Coins

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Jun 13, 7:28 pm

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Gotbit Founder Sentenced to Prison for Illegally Boosting Meme Coins

Gotbit and its founder were sentenced for using wash trading to inflate meme coin trading volume, resulting in a $23 million forfeiture and an eight-month prison term for the founder. The scheme caused financial harm to investors, leading to reduced sentencing due to unreliable loss calculations.

Gotbit and its founder were sentenced for using wash trading to inflate meme coin trading volume, resulting in a $23 million forfeiture and an eight-month prison term for the founder. The scheme caused financial harm to investors, leading to reduced sentencing due to unreliable loss calculations.

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