The Estonian government has once again approved the extradition of two citizens accused of cryptocurrency fraud to the United States. This comes after an Estonian court previously blocked their handover.
Ivan Turogin and Sergei Potapenko allegedly operated fraudulent crypto platforms that swindled investors out of more than $500 million. The pair were arrested in Estonia in November 2022.
The Estonian Ministry of Justice has now re-approved extraditing them to the US, stating there is sufficient evidence. The Tallinn Circuit Court had earlier rejected their extradition, saying Estonian authorities failed to ensure it wouldn’t infringe the suspects’ rights.
Turogin and Potapenko allegedly ran a Ponzi scheme via the crypto mining business HashFlare and crypto bank Polybius. The DOJ says they laundered millions through shell companies to buy luxury items.
If convicted in the US, the pair face up to 20 years in prison on wire fraud and money laundering conspiracy charges. It’s uncertain when exactly they will be handed to US authorities.
This extradition reversal allows the US to pursue charges against two suspects in a high-profile crypto scam case, though Estonia’s courts initially obstructed the process on rights concerns. The suspects now seem destined to stand trial in America.
