Two Estonian citizens were arrested by the FBI on Sunday in a $575 million cryptocurrency fraud scheme that affected hundreds of thousands of people.
The indictment charges Potapenko and Turõgin with conspiring to launder their criminal proceeds by using shell companies, phony contracts, and invoices. The money laundering conspiracy allegedly involved at least 75 real properties, six luxury vehicles, cryptocurrency wallets, and thousands of cryptocurrency mining machines.
Cryptocurrency mixing platform, Tornado Cash, has been hit with US sanctions over allegations of money laundering. Cryptocurrency Illustration picture taken on Jan. 24, 2022. "The size and scope of the alleged scheme is truly astounding," said Assistant Attorney General Kenneth Polite Jr. of the Justice Department's criminal division. "U.S. and Estonian authorities are working to seize and restrain these assets and take the profit out of these crimes."If convicted, Potapenko and Turõgin each face a maximum penalty of 20 years in prison.
A federal district court judge will determine any sentence after considering U.S. Sentencing Guidelines and other statutory factors.
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