These Two Fraudsters Duped Crypto Investors Out of $575,000,000 – This is What Happened #Usa #Miami #Nyc #BitCoin #RIPTwitter #TwitterDown MORE ▶▶

Tip Top Coin website is a website open to the public in all its meanings and interpretations, Tip Top Coin is a website dedicated to anyone who wants to be well-informed about the world of cryptocurrencies and everything about their growth, evaluation, and devaluation in real time by verified sources. If you are interested in publishing your views, news, business, or endeavors and want to have a forum dedicated to you, we invite you to register and post in Tip Top Coin. Don't worry, it's 100% free, 89% without commercial ads (ONLY YOUTUBE ADS CAN BE NOTICED) Tip Top Coin is a website dedicated to information and not selling commercial ads, we do not span your email, nor do we sell your information. Tip Top Coin is a website that works privately thanks to WEBFI NET servers | HOME | TipTopCoin News | TipTopCoin TV | Register | Privacy | Contact | Login | WEBFI |NEWS | MAGAZINE |TECH | LATINO | Twitter |
TTC NEWS
{"ticker_effect":"slide-v","autoplay":"true","speed":3000,"font_style":"normal"}


Source: AdobeStock / BortN66

Two Estonian nationals have been arrested for alleged involvement in crypto-related fraud and money laundering activities worth some $575m.

The two were arrested in Tallinn, Estonia on Sunday on an 18-count indictment that involved a crypto mining service called HashFlare, and a fictitious “virtual currency bank” called Polybius Bank, a press release from the US Justice Department said.

The two suspects were identified as Estonian citizens Sergei Potapenko and Ivan Turõgin, both 37 years old.

According to the Justice Department, the two suspects induced victims to enter into “fraudulent contracts” for crypto mining equipment and invest money in HashFlare, which was promoted as a hosted crypto mining service.

Additionally, the perpetrators got victims to invest in Polybius Bank. Unfortunately for the victims, Polybius “was never actually a bank, and never paid out the promised dividends,” the Justice Department said.

Polybius has in the past issued an ERC-20 token known as PLBT. The token price is down by approximately 95% since its launch in 2017, and has a current market capitalization of just $1.6m, according to CoinMarketCap data.

The centralized exchange HitBTC listed PLBT in January of 2020.

PLBT market cap. Source: CoinMarketCap

$575 million spent on luxury goods

In total, the victims paid more than $575m to Potapenko and Turõgin’s companies, and the money was then laundered through shell companies and finally spent on various luxury items.

“The size and scope of the alleged scheme is truly astounding. These defendants capitalized on both the allure of cryptocurrency, and the mystery surrounding cryptocurrency mining, to commit an enormous Ponzi scheme,” commented Nick Brown, U.S. Attorney for the Western District of Washington.

He went on to explain that the illegal operation resembled a classic Ponzi where early investors were paid off with money from those who joined in later.

“They tried to hide their ill-gotten gain in Estonian properties, luxury cars, and bank accounts and virtual currency wallets around the world. U.S. and Estonian authorities are working to seize and restrain these assets and take the profit out of these crimes,” Brown said.

Individuals who believe that may have been victims in the case are asked to go to FBI’s website at fbi.gov/hashflare for more information.

The FBI is investigating the case.



Source link

Name Price24H (%)
Bitcoin (BTC)
$16,466.95
-1.33%
Ethereum (ETH)
$1,186.07
-2.10%
Tether (USDT)
$1.00
-0.19%
BNB (BNB)
$296.04
-0.52%
USD Coin (USDC)
$1.00
-0.23%
Binance USD (BUSD)
$1.00
-0.10%
XRP (XRP)
$0.418765
9.21%
Dogecoin (DOGE)
$0.082753
0.10%
Cardano (ADA)
$0.313579
-1.78%
Polygon (MATIC)
$0.84
-4.20%
Polkadot (DOT)
$5.30
-3.64%
Lido Staked Ether (STETH)
$1,161.57
-1.55%
Litecoin (LTC)
$75.47
-2.96%
Shiba Inu (SHIB)
$0.000009
-1.86%
Dai (DAI)
$1.00
-0.07%
OKB (OKB)
$20.73
-2.98%
Solana (SOL)
$14.26
-1.85%
TRON (TRX)
$0.052794
0.89%
Uniswap (UNI)
$5.38
-3.06%
Avalanche (AVAX)
$12.72
-3.45%
Wrapped Bitcoin (WBTC)
$16,345.08
-1.88%
LEO Token (LEO)
$3.88
-8.33%
Cosmos Hub (ATOM)
$9.97
-1.79%
Ethereum Classic (ETC)
$20.05
-2.86%
The Open Network (TON)
$1.72
-1.53%
Monero (XMR)
$135.09
0.04%
Stellar (XLM)
$0.091080
1.85%
Bitcoin Cash (BCH)
$115.95
0.93%
Algorand (ALGO)
$0.239312
-2.99%
Cronos (CRO)
$0.064263
-4.64%
Quant (QNT)
$111.13
-3.45%
Filecoin (FIL)
$4.29
-3.21%
VeChain (VET)
$0.018902
-1.71%
NEAR Protocol (NEAR)
$1.63
-4.07%
Hedera (HBAR)
$0.049120
-0.58%
Frax (FRAX)
$1.00
-0.07%
ApeCoin (APE)
$3.26
-3.71%
Flow (FLOW)
$1.13
-4.44%
Internet Computer (ICP)
$3.82
-1.31%
EOS (EOS)
$0.93
1.72%
MultiversX (Elrond) (EGLD)
$42.00
-2.07%
Terra Luna Classic (LUNC)
$0.000158
-3.83%
Chain (XCN)
$0.043189
-0.51%
Chiliz (CHZ)
$0.173618
-4.56%
Trust Wallet (TWT)
$2.19
0.85%
Pax Dollar (USDP)
$1.00
-0.29%
Theta Network (THETA)
$0.91
1.49%
Tezos (XTZ)
$0.99
-2.88%
Lido DAO (LDO)
$1.12
-4.75%

Add a Comment

error: WEBFINET website Protection and Privacy for Publishers. This content may not be opened or copied.