US: 2 Estonians arrested in $575M cryptocurrency fraud
Associated PressSEATTLE — Police in Estonia have arrested two men accused in a $575 million cryptocurrency fraud, U.S. authorities said Monday. An indictment unsealed in U.S. District Court in Seattle charged Estonian citizens Sergei Potapenko and Ivan Turogin, both age 37, with wire fraud and conspiracy to commit money laundering. Prosecutors said the suspects tricked hundreds of thousands of people from 2015 to 2019 into buying contracts for a cryptocurrency mining service called HashFlare and investing in a virtual currency bank called Polybius Bank. “These defendants capitalized on both the allure of cryptocurrency, and the mystery surrounding cryptocurrency mining, to commit an enormous Ponzi scheme,” Seattle U.S. Attorney Nick Brown said in a news release.
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