US Dey Seek 10-Year Jail for HashFlare Cryptomining Fraud
US prosecutors dey look for 10 years jail term for HashFlare co-founders Sergei Potapenko and Ivan Turogin after dem plead guilty for conspiracy for telecom and wire fraud for February 2024. The Estonian pair supposedly run one fake crypto mining service wey mislead investors and cause real losses. Dem indict dem for October 2022, arrest dem for Estonia, then dem extradite am go US for May 2024. Dem release dem on bail for July after dem return $400 million digital assets and waive frozen funds. Government papers talk say performance data na fake plus customer talk wey show investors suffer. The sentencing hearing dey set dis week for Western District of Washington. Traders suppose dey watch this case as sign say regulatory risk for crypto mining damn high.
Neutral
Dis tori news na e take fokas for legal waka against HashFlare founders, e no concern di performans of any particular cryptocurrency. E show say di regulatory and litigation palava for crypto mining sector dey increase, but e no direct affect di price move of any crypto asset wey dey list. For short term, traders fit still dey careful as dem dey wary due to di regulatory wahala. For long term, continuous legal gbege fit put pressure on how dem value crypto mining platforms, but e low chance to affect major crypto price unless government carry out bigger enforcement actions. Overall, di fact say no direct impact on one particular token mean say market reaction go neutral.