According to The Block, Estonian nationals Sergei Potapenko and Ivan Turžgin, the operators of the defunct cloud mining service HashFlare, have pleaded guilty to multiple charges related to a 577 million-dollar cryptocurrency Ponzi scheme, according to the Department of Justice. Potapenko and Turžgin will be sentenced on May 8, and they face up to 20 years in prison. HashFlare suspended its mining service in 2018 and eventually ceased operations, profiting more than $577 million from it. Potapenko and Turžgin were arrested in the Estonian capital Tallinn in November 2022 and charged with conspiracy to commit telegraphic transfer fraud (16 charges), one count of telegraphic transfer fraud and one count of conspiracy to launder money, before being extradited to the United States.