Deep Tide TechFlow News, on August 7, according to Cointelegraph, cryptocurrency mining service provider HashFlare founders Sergei Potapenko and Ivan Turõgin have been recommended by U.S. prosecutors to be sentenced to 10 years in prison for allegedly carrying out a $577 million Ponzi scheme.

The two founders had previously pleaded guilty to telecommunications fraud but requested the court to consider the time already served. Prosecutors stated that from 2015 to 2019, they sold mining contracts worth $577 million to approximately 440,000 customers, causing losses of about $300 million. The two are currently out on bail, and a sentencing hearing is scheduled for August 14.