Hashflare, a Bitcoin cloud mining company, was once very successful, and many investors were attracted by its high returns. However, the news that its founder was arrested in Estonia recently caused a stir in the market. This incident not only exposed the chaos in the Bitcoin cloud mining industry, but also made people begin to question the blind following of investors. Let us explore the story behind Hashflare and uncover the truth of this digital currency storm.

 The charm and risks of Bitcoin cloud mining

Bitcoin, as a decentralized digital currency, has attracted the attention of countless investors. Cloud mining, as a convenient way to obtain Bitcoin, has become a hot spot for investors. Hashflare, as one of the best, once attracted a large number of investors with its high profits, which made people shine.

However, it is the temptation of high returns that conceals the risks of the cloud mining industry. Many investors are blinded by various so-called "guarantees" and "profits", and blindly invest money, but often ignore the uncertainty and volatility of the industry. The arrest of Hashflare's founder has undoubtedly sounded the alarm for investors, and people have begun to re-examine the reliability and legitimacy of cloud mining as an investment method.

 Hashflare insider exposure: the truth behind the undercurrent

It is reported that the arrest of Hashflare's founder in Estonia is not accidental. It is reported that Hashflare has long been suspected of market manipulation, illegal fundraising and other behaviors, and the arrest of the founder is just the tip of the iceberg. Investors have always been attracted by the beautiful profits, but rarely pay attention to the company's operating background and compliance. Hashflare's risk control and capital flow have always been the focus of attention of industry insiders.

In this storm, Hashflare's insider was exposed, revealing the truth behind the undercurrent of the company. Investors began to reflect on their blind investment behavior and re-examine the volatility and risks of the digital currency market. The arrest of Hashflare's founder may be the beginning of the chaos in the entire cloud mining industry, and it also makes people begin to be alert to the traps and risks in investment.

 Investors beware: rational investment is the kingly way

The arrest of Hashflare's founder has brought an earthquake to the entire Bitcoin cloud mining industry. Investors have begun to be wary of their investment behavior, and the importance of rational investment has once again been highlighted. Investment is not a shortcut to getting rich overnight, but a product that requires careful consideration and risk awareness.

In the current situation of frequent fluctuations in the digital currency market, investors should be more vigilant and treat every investment rationally. Don't be confused by high profits, choose investment projects carefully, and understand the industry's inside information and regulations. Only by investing rationally can you avoid falling into risks and protect your wealth.

 Conclusion

The arrest of the founder of Bitcoin cloud mining company Hashflare in Estonia not only exposed the chaos in the cloud mining industry, but also made investors re-examine their investment behavior. Investment is not smooth sailing, but requires a cautious and rational attitude. I hope that every investor can learn lessons from this incident, invest rationally, and protect their wealth. Let us work together to create a more transparent and standardized digital currency market!

The four most famous international exchanges:

Binance INTL	OKX INTL	Gate.io INTL	Huobi INTL
China Line　APP DL	China Line　APP DL	China Line　APP DL	China Line　APP DL

Note: The above exchange logo is the official website registration link, and the text is the APP download link.

According to 120bTC.com, the U.S. Department of Justice issued a statement today alleging that HashFlare founders Sergei Potapenko and Ivan Turõgin were arrested in Estonia on the 20th and were sued by the U.S. Department of Justice, alleging that the mining activities they operated in the past were part of a "multi-level plan" Ponzi scheme that deceived hundreds of thousands of victims, including persuading victims to sign "fraudulent device leases" through HashFlare and persuading victims to invest in the fake virtual currency bank Polybiusbank.

In addition, the two HashFlare founders were also accused of conspiring to launder criminal proceeds through 75 properties, 6 luxury cars, cryptocurrency wallets, and thousands of cryptocurrency mining machines. Nick Brown, the U.S. Attorney for the Western District of Washington, said the scale and scope of this conspiracy were shocking: these defendants used the allure of cryptocurrency and the mystery of cryptocurrency mining to carry out a huge Ponzi scheme.

The founders of HashFlare are charged with conspiracy to commit wire fraud, 16 counts of wire fraud, and money laundering fraud using shell companies, fake invoices and contracts. If convicted, they could face up to 20 years in prison.

Introduction to HashFlares

HashFlares' parent company was founded in 2013, and HashFlare launched mining services in 2015, initially providing Bitcoin computing power contracts SHA-256 and Scrypt, and later ETHASH, ETH, DASH, ZCASH and other computing power contracts.

According to the indictment, the founder claimed that HashFlare was a "large-scale cryptocurrency mining business", but the company's mining speed was allegedly less than 1% of what it said, and it also paid for withdrawals by purchasing Bitcoin from third parties, rather than providing mining computing power to make profits and payments.

By July 2018, HashFlare unilaterally announced the suspension of Bitcoin mining services, citing difficulties in generating revenue amid market volatility, and many customers were not compensated for the remaining annual contract fees they had prepaid, but other available cryptocurrency computing power contracts in the platform's portfolio continued to operate normally.

The last official announcement from HashFlare was on August 9, 2019, when the company announced the suspension of the sale of ETH computing power contracts because "the current quota has been sold out". The company promised to resume activities in the "near future", but then HashFlare disappeared quietly and never publicly disclosed what happened.

The FBI is currently investigating the case and issued an announcement on the 21st, seeking more information from victims who have participated in the HashFlare, HashCoins
OU and Polybius fraud scams.