Two Estonian nationals arrested for allegedly committing $575 million cryptocurrency scam
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Answer Two Estonian nationals arrested for allegedly committing $575 million cryptocurrency scam
Estonian police have arrested two people in the country’s capital, Tallinn, for their involvement in a $575 million cryptocurrency scam.
According to the prosecution, Sergey Potapenko and Ivan Turgin lured hundreds of thousands of victims to interact with a shady digital asset mining service and invest in a cryptocurrency bank.
The entities did not pay the profits promised to the investors, when in fact they siphoned off the money.
Another cryptocurrency scam:
According to US court documents, the scammers urged the investor public to allocate their savings to a crypto mining company called “HashFlare” and a digital asset bank called “Polybius.”
Potapenko and Turgin promised great returns to those who got into the scheme and even paid some dividends to the early investors.
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At some point, they stopped transferring pre-negotiated profits, while HashFlare and Polybius turned out to be unregulated entities.
The Assistant Attorney General said:
The two Estonian citizens have earned nearly $575 million in cryptocurrency.
The plaintiffs alleged that they transferred assets to shell companies to launder their proceeds, and later purchased luxury cars and at least 75 properties.
Nick Brown, US Attorney for the Western District of Washington, said:
The scale and scope of the scheme is truly astounding
He explained that the Estonian authorities cooperated with US agencies to seize the scammers’ hideout and wallet.
Currently, the two fraudsters face numerous charges, including 16 counts of wire fraud and one count of conspiracy to commit money laundering.
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They could receive a maximum sentence of 20 years in prison if found guilty.
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