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Crypto Crooks Unmasked: Estonian Duo’s $577M Ponzi Scheme Meltdown
Two Estonian nationals, Sergei Potapenko and Ivan Turõgin, admitted to orchestrating a $577M cryptocurrency Ponzi scheme through HashFlare. They promised investors fake profits while living lavishly. Facing 20 years in prison, they’ve agreed to forfeit $400M. The DoJ and FBI are calling on victims of the HashFlare fraud to come forward.
Hot Take:
Looks like these two Estonian tricksters took “mining for gold” a bit too literally, swapping pickaxes for Ponzi schemes and leaving a trail of duped investors in their wake. Who knew cryptocurrency could be this ‘cryptic’? They’re finding out the hard way that you can’t just hash and dash without ending up in the slammer!
Key Points:
- Two Estonian nationals, Sergei Potapenko and Ivan Turõgin, pleaded guilty to a $577 million cryptocurrency Ponzi scheme.
- They operated under the guise of HashFlare, a fraudulent cryptocurrency mining service.
- The scheme ran from 2015 to 2019, conning hundreds of thousands globally.
- They face up to 20 years in prison and have agreed to forfeit $400 million in assets.
- The U.S. Department of Justice praises international cooperation in the case’s resolution.
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