Estonian Court Overturns Extradition of HashFlare Co-founders to the US
Ivan Turogin and Sergei Potapenko, co-founders of Bitcoin cloud miner HashFlare, have successfully appealed their extradition from Estonia to the United States, where they are accused of fraud and money laundering. The Tallinn Circuit Court overturned a lower court’s order on Nov. 29, according to a local press report.
HashFlare Accused of Running a Ponzi Scheme
According to the United States Justice Department, HashFlare operated as a Ponzi scheme between 2015 and 2019, deceiving hundreds of thousands of victims and collecting $575 million. The company claimed to offer hashing power for crypto mining and promoted investment in a fake bank. If found guilty in the United States, Turogin and Potapenko could face up to 20 years in prison.
Hot Take: Extradition Appeal Victory for HashFlare Co-founders
The extradition appeal victory for Ivan Turogin and Sergei Potapenko, co-founders of HashFlare, has brought them relief from facing charges in the United States. The Estonian court’s decision has overturned their extradition order, sparing them potential imprisonment of up to 20 years if convicted. However, it is important to remember that the accusations against them involve operating a Ponzi scheme that defrauded countless victims out of $575 million. This case serves as a reminder of the legal risks and consequences associated with fraudulent activities in the crypto industry.
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