The Estonian police arrested two individuals in the country’s capital Tallinn for their alleged involvement in a $575 million cryptocurrency scam.
According to the prosecution, Sergei Potapenko and Ivan Turõgin lured hundreds of thousands of victims to interact with a dubious digital asset mining service and to invest in a virtual currency bank. The entities did not pay the promised dividends to the people, while the criminals pocketed the funds.
Another Multi-Million Crypto Fraud
According to US court documents, the wrongdoers urged people to allocate their savings to a crypto mining company called HashFlare and a digital asset bank named Polybius. Potapenko and Turõgin promised considerable returns to those that entered the scheme and even paid some profits to the early investors.
At one point, though, they stopped transferring the previously negotiated dividends, while HashFlare and Polybius turned out to be unregulated entities.
“New technology has made it easier for bad acto
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