U.S. authorities have arrested and extradited three key players in a massive international cryptocurrency scam that targeted unsuspecting investors in the United States and abroad.
According to a federal indictment, the defendants orchestrated a pump-and-dump scheme to artificially inflate the trading volume and price of cryptocurrencies. The scheme, which involved four different cryptocurrency financial services firms, resulted in significant losses for investors.
The indictments allege that the defendants profited through the sale of cryptocurrencies at inflated prices to unwitting investors. The scheme, which was uncovered by an undercover operation by the Federal Bureau of Investigation (FBI) and IRS Criminal Investigation (IRS-CI), has resulted in the seizure of more than $1 million in cryptocurrency.
The defendants, who were extradited from Singapore, include Gleb Gora, the Chief Executive Officer of Vortex, and two other Russian nationals, Sergei Ryzhkov and Michael Vogel. Gora was arrested at the request of the United States on October 2, 2025, and made his initial appearance in federal court in Oakland, California, today.
The indictments also charge two other defendants, Nemanja Popov and Antoine Tsao, who have already pleaded guilty and been sentenced by U.S. District Court Judge Araceli Martínez-Olguín. Popov, a Serbian national and former employee of Gotbit, was sentenced to prison for his role in the scheme. Tsao, a Taiwanese national and former employee of Gotbit, was also sentenced to prison for his part in the conspiracy.
The scheme, which was uncovered in 2025, is believed to have resulted in significant losses for investors in the United States and abroad. The FBI and IRS-CI investigation into the scheme is ongoing, and authorities are working to recover additional funds that were lost as a result of the scheme.
The indictments and arrests are a major blow to the cryptocurrency industry, which has been plagued by allegations of market manipulation and other forms of fraud. The case highlights the need for greater oversight and regulation in the industry to protect investors and prevent similar schemes in the future.
The charges filed against the defendants include wire fraud conspiracy and wire fraud. The case is ongoing, and authorities are working to recover additional funds that were lost as a result of the scheme.
Gora, 24, of Russia, was charged with wire fraud conspiracy and wire fraud for a scheme to artificially inflate the price of a cryptocurrency token while planning to liquidate their holdings once trading reached a high price. Gora was arrested in Singapore on October 2, 2025, at the request of the United States and made his initial appearance before a U.S. Magistrate Judge today in Oakland, California.
Antoine Tsao, a Taiwanese national and former employee of Gotbit, was sentenced to prison for his part in the conspiracy. Tsao was arrested at John F. Kennedy International Airport on March 30, 2025, and pled guilty to conspiracy to commit wire fraud on June 2, 2025, before U.S. District Court Judge Araceli Martínez-Olguín in Oakland, California.
Nemanja Popov, a Serbian national and former employee of Gotbit, was sentenced to prison for his role in the scheme. Popov was arrested at San Francisco International Airport and pled guilty and was sentenced on February 10, 2026, by U.S. District Court Judge Araceli Martínez-Olguín.
More than $1 million in cryptocurrency has been seized to date in the ongoing investigation. The case is a reminder of the need for greater oversight and regulation in the cryptocurrency industry to protect investors and prevent similar schemes in the future.
The charges filed against the defendants include:
Nemanja Popov, wire fraud conspiracy and wire fraud, Oakland, California, February 10, 2026, Prison Sentence
Antoine Tsao, wire fraud conspiracy and wire fraud, Oakland, California, June 2, 2025, Prison Sentence
Gleb Gora, wire fraud conspiracy and wire fraud, Oakland, California, Ongoing Case
Related Federal Cases
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- Consuelo Connie Puente, Wire Fraud, California 2014 · California
- Steven Alexander Bolden, Wire Fraud, California 2014 · California
- Kioni Dogan, Conspiracy to Commit Mail Fraud, California 2023 · Alaska
Key Facts
- State: California
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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