Gotbit Under the Scanner
ZachXBT, a renowned figure in the blockchain investigation realm, put the spotlight on Gotbit after a controversial report detailing its services came into the open.
Leaked Services Cause a Stir
In his recent post, ZachXBT shared an image detailing Gotbit’s offerings. The report suggests that the firm is equipped to inflate a cryptocurrency’s price deliberately, inducing a FOMO sentiment, thereby allowing for maximum sales during the ensuing price surge. The document further claims a history of successful client listings on major exchanges like OKX, Bybit, and KuCoin.
Having been in the market-making business since 2017, Gotbit is a creation of Alex Andryunin and Iuliia Milianovich. Their platform promises to return market control to project founders.
Interestingly, Andryunin had confessed back in 2019 about the potentially unethical aspects of their business. Despite this, Gotbit then hinted at the possibility of scaling down their operations, mainly due to challenges arising from stringent customer identification procedures.
Associations Raise Eyebrows
A visit to Gotbit’s website reveals a list of prominent names in the “our friends” section. This includes notable crypto exchanges and venture firms such as Binance, OKX, Crypto.com, a16z, and many more. However, whether there’s any genuine association between these entities and Gotbit remains a mystery.
Conclusion: A Call for Transparency
The revelations surrounding Gotbit, as highlighted by ZachXBT, underscore the pressing need for transparency and ethical conduct in the ever-evolving world of cryptocurrency. As more participants enter the blockchain and crypto arena, trust becomes paramount. Firms operating in the shadows or offering potentially manipulative services not only jeopardize their own reputation but also risk undermining the credibility of the entire industry. Stakeholders, regulators, and enthusiasts alike must champion and insist upon openness, ensuring a secure and trustworthy future for the world of digital currencies.