Estonian co-founders of the crypto scheme Hashflare pleaded guilty to fraud amounting to 577 million dollars, agreeing to return more than 400 million for compensation to investors

Estonian co-founders of the cryptocurrency scheme Hashflare, Sergey Potapenko and Ivan Turigin, pleaded guilty to fraud amounting to 577 million dollars. They deceived investors by promising profits from cryptocurrency mining but actually used less than 1 percent of the promised capacities. The victims did not suffer financial losses, according to the lawyers. As part of a plea agreement, the defendants committed to returning more than 400 million dollars for compensation. The court hearing will take place in May 2025 in Seattle.