After A $4.4B Ponzi Scheme, OneCoin Co-Founder Faces 90 Years In Jail; CryptoQueen Yet To Be Found
Konstantin Ignatov now faces a ninety-year jail term for his role in the multi-billion-dollar fraud. A report released by the BBC in the past week noted that Ignatov entered into a plea agreement on October 4th. The BBC notes that details of the plea agreement were made public on November 12th.
Ignatov was arrested earlier this year at the Los Angeles International Airport. Upon his arrest, he went on to plead guilty to numerous charges including those of fraud and money laundering. Even though he is looking at a sentence of close to 90 years, reports indicate that he is yet to be formally sentenced.
In addition, there is a high possibility that he will not face any new additional charges for the role he played in the OneCoin crypto scam. But this does not exempt him from being slapped with would-be tax violations.
The OneCoin Ponzi Scheme
As previous reports have noted, the OneCoin crypto exit is very similar to another scam known as the BitConnect crypto scam. OneCoin, which is based in Bulgaria was launched in 2014 and has remained operational despite its being accused of being a Ponzi scheme by various investigators. During its peak period, the scheme is rumored to have raised as much as 4 billion euros, or 4.4 billion dollars.
Apart from pleading guilty on the various charges facing him, the BBC report indicates that he has also provided additional details against the “crypto queen”. Ruja Ignatova as she is known is his sister and is also one of the Co-founders at OneCoin. During his testimony against Mark Scott, he went on record to state that his sibling had obtained tickets and a passport to Greece and Austria from her Bulgarian home.
Mark Scott is said to have laundered close to four hundred million dollars using the OneCoin platform.