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Two Estonian men have been sentenced to 16 months in prison for orchestrating a $577 million cryptocurrency Ponzi scheme through HashFlare. The scheme defrauded hundreds of thousands of investors globally, promising fake mining profits while spending funds on luxury assets.
- HashFlare operated as a Ponzi scheme, using fake dashboards to deceive investors about mining profits.
- Authorities seized $450 million in assets, including Bitcoin and luxury items, for victim compensation.
- Prosecutors may appeal the 16-month sentence, having originally sought 10-year prison terms.
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Related Tags: Bitcoin
Other Tags: DOJ, U.S. Department of Justice