HashFlare founders given time served for $577M crypto Ponzi

HashFlare co-founders Sergei Potapenko and Ivan Turõgin were given time served for copping to their roles in a $577 million scheme, with prosecutors saying they’re weighing an appeal.

The founders of HashFlare, a crypto mining company behind a $577 million Ponzi scheme, have escaped additional jail time after admitting to their roles in the scheme.

Sergei Potapenko and Ivan Turõgin have been in custody for 16 months, and Seattle Federal Court Judge Robert Lasnik gave them time served in their sentencing hearings on Tuesday.

He also ordered each to pay a $25,000 fine and complete 360 hours of community service while on supervised release, which is expected to be served in their native Estonia.

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