The mining firm shut down a substantial chunk of its mining activities in July 2018.
The whole mining operation was part of a “multi-faceted scheme” as per U.S DOJ.
As part of an alleged $575 million crypto fraud scheme. The two co-founders of the defunct Bitcoin cloud mining service HashFlare have been detained in Estonia. HashFlare, founded in 2015, claimed to be a cloud mining service. Where consumers could lease the company’s hashing power to mine cryptocurrency and split the revenues proportionally.
The corporation was recognized as one of the main names in the market at the time. But shut down a substantial chunk of its mining activities in July 2018.
Up to 20 Years in Prison if Convicted
According to court records cited in a statement released by the United States Department of Justice (DOJ). The whole mining operation was part of a “multi-faceted scheme” that “defrauded hundreds of thousands of victims.”
Some were duped into “fraudulent equipment rental contract
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