Live news updates: Bitcoin holds below $16,000 as Genesis worries deepen crypto gloom

Two Estonian residents have been arrested and charged in reference to what US prosecutors described as a $575mn cryptocurrency fraud and cash laundering scheme.Sergei Potapenko and Ivan Turygin are accused of defrauding tons of of hundreds of victims, based on the US Division of Justice, which on Monday unsealed an indictment towards them.The defendants allegedly induced victims to enter into rental contracts for fraudulent gear with the lads’s crypto mining service HashFlare. Additionally they are accused of soliciting investments in a digital forex financial institution referred to as Polybius Financial institution, which, prosecutors stated, was neither a financial institution nor paid dividends that had been promised.The arrests of each males, aged 37, are the newest indication that legislation enforcement companies have gotten more and more targeted on illicit crypto exercise throughout the globe. The arrests in Tallinn, Estonia, additionally come amid the collapse into chapter 11 of FTX, a once-marquee crypto platform managed by Sam Bankman-Fried, who at his peak of affect was thought of one of many crypto business’s flag bearers.“New know-how has made it simpler for dangerous actors to benefit from harmless victims — each within the US and overseas — in more and more complicated scams,” stated assistant attorney-general Kenneth Well mannered.Earlier this month, the US secured the conviction of James Zhong, who as soon as held greater than $3bn price of bitcoin taken from Silk Street, an notorious darkish internet market that accepted cryptocurrency in alternate for illicit items.

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