Q2 2024 in US crypto enforcement: Cred, HashFlare and Samourai Wallet charged

US agencies announced 43 distinct crypto enforcement actions in the second quarter of 2024, according to the Bitminer.io enforcement ledger. The Justice Department brought 34 of them. The SEC brought 6, OFAC 2 and the CFTC 1. Charges were the most common step, with 12, and the quarter’s 9 prison sentences had a median of 57 months.

Cred

On May 3, a federal grand jury charged three former executives of Cred, a San Francisco crypto lender, with wire fraud conspiracy. Prosecutors alleged the scheme caused customer losses that may have exceeded $780 million. Cred filed for bankruptcy in November 2020.

HashFlare

At the end of May, two Estonian men were extradited to the US to face charges over HashFlare, a service that sold contracts for crypto mining. Prosecutors alleged victims paid more than $575 million into the scheme. Both men pleaded guilty in February 2025.

Samourai Wallet

On April 24, the chief executive and the chief technology officer of Samourai Wallet, a crypto mixer, were arrested and charged. Prosecutors alleged the mixer executed over $2 billion in unlawful transactions and handled more than $100 million in laundering from dark web markets. Both co-founders pleaded guilty in August 2025 to running an unlicensed money transmitting business, and in November 2025 they were sentenced to five and four years.

Victims and insiders

In April, OneCoin’s former head of legal and compliance was sentenced to four years. Victims had invested over $4 billion in the fake cryptocurrency. In May, the former chief executive of Heartland Tri-State Bank in Kansas pleaded guilty to embezzlement. He had wired $47.1 million of the bank’s money to crypto wallets over three months in 2023, and the bank failed.

Sources

1. Bitminer.io enforcement ledger: 2024
2. US Department of Justice, Cred charges
3. US Department of Justice, HashFlare extradition
4. US Department of Justice, Samourai Wallet charges
5. US Department of Justice, Samourai Wallet sentences
6. US Department of Justice, OneCoin compliance head sentenced
7. US Department of Justice, Heartland Tri-State Bank plea

By The Assayer, the Bitminer.io house byline. Written by AI from the sources above and checked automatically. No person reviewed it before publication. How we work.