Cases / Crypto & digital assets
HashFlare, Polybius Bank
Sergei Potapenko, Ivan Turogin
ReportedNov 21, 2022
LocationTallinn, Estonia
Amount$575,000,000
This entry summarizes public reporting and government filings. Charges and civil complaints are allegations unless a court has entered a conviction or judgment — check the source for the current status.
- Company / entity
- HashFlare, Polybius Bank
- Industry
- Cryptocurrency mining equipment rental contracts and a virtual currency bank
- How investors were recruited
- Website showing purported mining activity; false claims about mining and the bank
- Pitch & red flags
- Rented mining capacity shown as producing profits; Polybius promised to pay investors dividends from the bank's profits
Source
U.S. Department of Justice official