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Two Estonian nationals plead guilty in US$577M cryptocurrency fraud scheme

Summary by Eesti Rahvusringhääling

Two Estonian citizens have pleaded guilty in the United States to orchestrating a cryptocurrency "Ponzi" scheme worth over half a billion dollars, defrauding hundreds of thousands globally.

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Eesti Rahvusringhääling

Two Estonian nationals plead guilty in US$577M cryptocurrency fraud scheme

Two Estonian citizens have pleaded guilty in the United States to orchestrating a cryptocurrency "Ponzi" scheme worth over half a billion dollars, defrauding hundreds of thousands globally.

10 days ago·Estonia

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Coin Desk

HashFlare Co-Founders Plead Guilty in $577M Crypto Mining Ponzi Scheme

The co-founders of Hashflare, a crypto mining ponzi scheme that stole $577 million from hundreds of thousands of investors around the world, both pleaded guilty on Wednesday to conspiracy to commit wire fraud.Sergei Potapenko and Ivan Turõgin, both 40, were arrested in their native Estonia in November 2022 and extradited to the U.S. on an 18-count indictment. Yesterday, both men pleaded guilty to one count each of conspiracy to commit wire fraud…

10 days ago·Manila, Philippines

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Law.com

HashFlare Founders Plead Guilty Over Nine-Figure Crypto Mining Scheme

“As Ivan admitted today, one of his and Sergei’s businesses promised to mine crypto and did in fact mine crypto, but not as much as it had promised; instead, it sometimes repaid customers with crypto it had purchased on the open market,” said Andrey Spektor, a partner at Norton Rose Fulbright.

11 days ago

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bitdegree.org

$577 Million Crypto Hashflare Ponzi Scheme Busted

Two Estonian men, Sergei Potapenko and Ivan Turõgin, have pleaded guilty to running a large-scale cryptocurrency fraud scheme that took in over $577 million.

10 days ago

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CryptoPanic

HashFlare cloud mining operators plead guilty to $577 million crypto fraud following FBI investigation

The defendants agreed to forfeit assets valued at over $400 million as part of their please, according to the DOJ.

10 days ago

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Finance Magnates | Financial and business news

Two Estonians Plead Guilty to $577M Crypto Ponzi Scheme, May Face 20 Years in Prison

Two Estonian nationals pleaded guilty to running a large-scale cryptocurrency Ponzi scheme. The scheme defrauded hundreds of thousands of people worldwide, including in the United States. The defendants agreed to forfeit more than $400 million in assets obtained through the fraud, the DOJ reported.HashFlare Founders Admit to Crypto FraudSergei Potapenko and Ivan Turõgin, both 40, admitted to misleading customers through their company, HashFlare.…

10 days ago

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