Estonian Hashflare Founders Sentenced to Prison for Bitcoin Mining Fraud

Three Estonian citizens, the creators of the infamous Hashflare cloud-based Bitcoin mining service, have been sentenced to 16 months in prison for fraud. They were found guilty of deceiving investors by promoting unrealistic returns on investment in cryptocurrency mining. The court determined that Hashflare operated as a Ponzi scheme, where initial investor payouts were funded by new investors’ money, instead of actual mining profits. This fraudulent scheme resulted in significant losses for thousands of individuals worldwide. This sentencing serves as a warning to others who seek to exploit public enthusiasm for cryptocurrencies through false promises.