Crypto Scammers Operating 93 Social Media Pages Promoting OneCoin Arrested in Verona
A Special Antitrust police unit in the Italian city of Verona has reportedly arrested crypto scammers operating several social media pages and scam sites. The suspects, operating a total of seven websites and a further 93 social media pages, had been promoting fake crypto projects.
One of the projects the scammers were promoting using the seized channels, according to Coinidol.com, was the infamous scam project called OneCoin. It reported that the suspects were urging eager crypto investors to invest in it.
In three other provinces within Italy, the police also detained five suspected scammers suspected of committing the same offenses. While the five are yet to be arraigned and charged, a Rome-based prosecutor charged six of promoting fraudulent projects using a Roman company.
They six, according to the evidence at the prosecutor’s office, had been using social media to promote their schemes. It further showed that they had additionally used ‘word-of-the-mouth’ to lure and scam the unsuspecting. They also ripped off the innocent by selling financial training courses along with cryptos for as little as €100.
Brother to OneCoin’s Founder Nabbed but Denied Bond Even as he Faces 20 Years in Jail
To date, only a few crypto scams ever pulled in the industry rival that of the infamous OneCoin. The project started in 2014, earned its fictitious owners who include the Bulgarian CEO, Ruja Ignatova, more than $4 billion.
What led many to naively splurge their funds in it is how it was packaged. In 2017, at the height of the ICO frenzy, this pyramid scheme wreaked havoc. The US Department of Justice reported that the project racked in over $2.5 billion in less than two years after stealing from the innocent crypto investors.
It took a while before it was confirmed that OneCoin was a Ponzi scheme. Later when it was revealed that it was a fictitious scheme, police in several countries led by Samoa and Singapore banned the project and prosecuted those promoting it.
Authorities across the world have been looking for the project’s hierarchy, even as the fight against scam crypto projects was intensified. A month ago, the US Federal Bureau of Investigation (FBI) nailed down the brother to the Konstantin Ignatov.
Ignatov had been appointed to lead the project after his sister went underground in 2017. He appeared in court where he was denied a $20 million bond. If he will be proven guilty, Konstantin Ignatov could spend as much as 20 years behind bars.