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New crypto fraud.

 Two Estonian citizens have been arrested and charged with what US prosecutors described as a $575mn cryptocurrency fraud and money laundering scheme.

Sergei Potapenko and Ivan Turõgin are accused of defrauding hundreds of thousands of victims, said the US Department of Justice, which unsealed an indictment against them yesterday.

The arrests of both men, aged 37, in Tallinn, Estonia, are the latest indication that law enforcement agencies are becoming increasingly focused on illicit crypto activity across the globe.

«New technology has made it easier for bad actors to take advantage of innocent victims, in the US and abroad, in increasingly complex scams,» said assistant attorney-general Kenneth Polite.

Between 2015 and 2019, more than $550mn worth of HashFlare contracts were set up with customers worldwide. But those contracts were fraudulent, prosecutors have alleged.

www.sba.tax

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  1. Dean23 November 2022 at 16:43

    Crypto is good because there's not much control from the Government but it can also be bad for the same reason. I think we must start educating people on how and when to invest in crypto to reduce the number of these scams. It's going to take a while before the Government reacts well to these sorts of things and many people might lose their money until that time.

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