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The Justice Department is unleashing over $450 million in seized crypto, real estate, and luxury assets to repay thousands of defrauded victims in a $577 million scheme. DOJ Plans Restitution for Thousands After $577M Cryptocurrency Fraud The U.S. Department of Justice (DOJ) announced on Aug. 12 that two Estonian nationals have been sentenced for operating … Read more
Two Estonian nationals, Sergei Potapenko and Ivan Turõgin, pleaded guilty to operating a $577 million cryptocurrency Ponzi scheme through their fraudulent mining service, Hashflare. The scheme, running from 2015 to 2019, deceived hundreds of thousands worldwide, including U.S. investors, by selling mining contracts despite lacking the computing power to generate promised returns. Instead, they fabricated … Read more
Estonia is serving as an example of how smaller nations can use technology to punch above their weight and enhance their economic and political standing. Go to Source
Ivan Turogin and Sergei Potapenko are suspected in a $575 million fraud case, but they can’t be exposed to U.S. detention conditions. Go to Source
Rain Lõhmus, the founder of LHV Bank told Estonian media last month he’s not made much effort to recover the funds, but is willing to pay someone who can. Go to Source
A crypto exchange claiming $1.7 billion in daily trades and reporting $1.4 billion of daily trading volume on CoinMarketCap had reportedly displayed false license data until Estonian regulators checked it. Go to Source
Hackers attempted to infiltrate CoinsPaid infrastructure directly starting in March 2023, but switched their approach to targeting individuals through fake high-salary job offers. Go to Source
CoinsPaid said it is now working with Estonian law enforcement and several blockchain security firms are assisting to minimize the impact of the July 22 exploit. Go to Source Powered by WPeMatico
The majority of crypto companies attracted by the once favorable Estonian regulations have either abandoned or lost their licenses. According to the latest numbers released by the Baltic nation’s anti-money laundering bureau, only 100 businesses are currently authorized to provide digital-asset services. Most Estonian Licenses for Provision of Crypto-Related Services Expire A total of 389 … Read more
Estonia’s money laundering regulator highlighted a number of issues it found within local crypto firms, such as dodgy execs and nonsensical business plans. Go to Source Powered by WPeMatico
