BlockBeats news, on August 7, after admitting to telecommunications fraud, Sergei Potapenko and Ivan Turõgin, co-founders of the defunct cryptocurrency mining service company HashFlare, requested the U.S. court not to impose additional imprisonment. However, the prosecutors recommended a 10-year sentence for each. In a sentencing memorandum submitted to the Seattle federal court, the prosecution stated that the two masterminded a Ponzi scheme totaling $577 million, causing approximately $300 million in victim losses, making it the largest fraud case ever heard by the court in terms of monetary value.
The defense cited the time already served during their detention in Estonia and their cooperative attitude in the case, requesting a reduction in sentencing. (Cointelegraph)