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HashFlare Founder Faces 10 Years in Prison for $577 Million Fraud Case, US Authorities Seek Harsh Punishment
Summary: According to reports, Sergei Potapenko and Ivan Turõgin, co-founders of the now-defunct cryptocurrency mining service company HashFlare, have pleaded guilty to telecommunications fraud and have requested no additional prison time in US court. However, prosecutors are recommending a 10-year prison sentence for each of them. Prosecutors stated in a sentencing memorandum submitted to the Seattle ...
According to reports, Sergei Potapenko and Ivan Turõgin, co-founders of the now-defunct cryptocurrency mining service company HashFlare, have pleaded guilty to telecommunications fraud and have requested no additional prison time in US court. However, prosecutors are recommending a 10-year prison sentence for each of them. Prosecutors stated in a sentencing memorandum submitted to the Seattle federal court that the two individuals orchestrated a Ponzi scheme totaling $577 million, resulting in approximately $300 million in losses for victims, making it the largest fraud case ever heard by the court. The defendants cited their time served in detention in Estonia and their cooperation in the case as reasons for a reduced sentence request.
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Link: HashFlare Founder Faces 10 Years in Prison for $577 Million Fraud Case, US Authorities Seek Harsh Punishment [Copy]
