Two arrested in massive $575m cryptocurrency 'Ponzi scheme' 

Created By Fintech Team

For running a number of cryptocurrency and money-laundering frauds, two guys from Estonia were detained.

The total amount of stolen money, from "hundreds of thousands of victims," is $575 million..

These two were arrested following a joint investigation by US and Estonian law enforcement.

Ivan Turgin and Sergei Potapenko, both 37, were taken into custody in Tallinn, Estonia 

They might each receive up to 20 years in prison due to the several accusations they were facing, including conspiracy and wire fraud.

With a fictitious company named HashCoins, they have been carrying out this activity since December 2013.

In essence, they were reselling goods that had been produced by others.

The suspects bought real properties and expensive cars with their illegally obtained money.