HashFlare Ponzi Scheme: Founders Convicted in $577M Crypto Fraud
ID: c0d7b45b-5e70-5cb5-ba6d-2a4678c10637
STIX ID: report--c0d7b45b-5e70-5cb5-ba6d-2a4678c10637
Feed Name: The Cyber Express
Threat Score
A U.S. federal court sentenced Sergei Potapenko and Ivan Turõgin to prison for running the HashFlare cryptocurrency Ponzi scheme that operated from 2015–2019 and generated roughly $577 million in illicit proceeds. Authorities seized and preliminarily forfeited about $450 million in cryptocurrency, bank funds, real estate, vehicles, and mining equipment to partially compensate global victims; the case involved coordinated international law enforcement and a planned remission process for victim restitution.
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