An alleged crypto scam involving a bank called Polybius is headed to court

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Illustration by Alex Castro / The Verge

Two Estonians have been arrested and are facing extradition to the US after being accused of defrauding thousands of people out of around $575 million with a crypto Ponzi scheme, according to the US Department of Justice. Sergei Potapenko and Ivan Turõgin, along with four unnamed co-conspirators, were allegedly behind a scam crypto mining company called HashFlare and a fake crypto bank project called Polybius.

The scheme began in 2013 when Potapenko, Turõgin, and the others started a company called HashCoins, according to an indictment, which you can read in full below. HashCoins said it built cryptocurrency mining equipment, though the DOJ says it actually only “sometimes” resold equipment and components that it bought off the shelf. By...

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