HashFlare's $577 Million Scam Ends with Time Served, Not Jail
Main Idea
Sergei Potapenko and Ivan Turõgin, founders of HashFlare, were released from custody after serving 16 months and fined for their involvement in a $577 million crypto mining Ponzi scheme.
Key Points
1. Sergei Potapenko and Ivan Turõgin, the duo behind HashFlare, were released after serving 16 months and fined $25,000 with 360 hours of community service.
2. The US Department of Justice had requested a 10-year sentence for their $577 million Ponzi scheme involving crypto mining contracts from 2015 to 2019.
3. The scheme involved using new investors' funds to pay earlier ones, with proceeds spent on real estate, luxury items, private flights, and Bitcoin.
4. Acting US Attorney Teal Luthy Miller described the operation as a textbook Ponzi scheme.
Description
Sergei Potapenko and Ivan Turõgin , the duo behind the crypto mining firm HashFlare, have been released from custody after already serving 16 months .
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