📢Crypto news is here! According to a press release from the U.S. Department of Justice (DOJ), Estonian citizens Sergei Potapenko and Ivan Turõgin appeared in court for the first time in connection with their alleged cryptocurrency fraud case. They are accused of operating the fraudulent cryptocurrency mining service platform HashFlare between 2015 and 2019, deceiving hundreds of thousands of victims into investing more than $550 million, but the promised mining shares were never delivered. 😱

In addition, they also raised at least $25 million in May 2017 by investing in Polybius, claiming to set up a virtual currency bank. However, the bank was never established, and most of the funds were allegedly transferred to accounts controlled by the defendants. 😨

The DOJ further alleges that the two laundered funds through shell companies, fake contracts and invoices to purchase 75 properties, six luxury cars, cryptocurrency wallets and thousands of mining machines. They face charges of conspiracy to commit wire fraud, 16 counts of wire fraud and conspiracy to commit money laundering, with a maximum penalty of 20 years in prison for each charge. 😰

Please be cautious when investing in cryptocurrencies to avoid being deceived! 🙏