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

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

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

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

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

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

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

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

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

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