A Multibillion-Greenback Cryptocurrency Based on ‘Lies’: US Arrests Alleged OneCoin Chief


    U.S. prosecutors in New York have arrested a “top leader” of the OneCoin job, expressing it stole “billions” from investors by way of the alleged pyramid plan.

    The Southern District of New York (SDNY) has indicted Ruja Ignatova and Konstantin Ignatov on prices of wire fraud, securities fraud and funds laundering, declaring the two defrauded investors out of “billions of dollars” working with a fraudulent cryptocurrency. Ignatov was arrested on wire fraud prices at Los Angeles International Airport previously this week as aspect of the investigation.

    According to a press launch, prosecutors are alleging that OneCoin is a pyramid plan, where by associates receive commissions to recruit other men and women to the job. These recruits are essential to order crypto packages, and OneCoin currently statements to have 3 million associates around the globe.

    Whilst OneCoin statements its tokens are mined by servers operated by the corporation and that its selling price growth is organic and natural, neither of these are true, the launch states.

    Further more, Ignatova allegedly stated in an e mail that she has an “exit strategy” from the corporation.

    Noting that these prices are allegations at the moment, SDNY U.S. Legal professional Geoffrey Berman stated “these defendants created a multibillion-dollar ‘cryptocurrency’ corporation based mostly totally on lies and deceit,” adding:

    “They promised major returns and negligible hazard, but, as alleged, this business was a pyramid plan based mostly on smoke and mirrors far more than zeroes and kinds. Traders ended up victimized even though the defendants received loaded.”

    Whilst Ignatov has been arrested, Ignatova stays at large. Yet another defendant, Mark Scott, was arrested final yr in Massachusetts.

    Image by using Shutterstock