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US Prosecutors Arrest Leader Of Multi-billion Dollar Crypto Scam OneCoin

Prosecutors from New York have recently managed to arrest the leader of OneCoin, a very well known crypto scam which made several billion dollars of profit for its owners. The man was arrested at the Los Angeles International Airport this week.

According to the reports made by the U. S. Attorney for the Southern District of New York has charged two people, Konstantin Ignatov and Ruja Ignatova, both on charges of wire fraud, money laundering, and securities fraud.

The reports are that these two entrepreneurs were, in fact, scammers which defrauded investors in billions of dollars using the famous OneCoin, which was a well-known scam that lasted for a long time.

OneCoin is defined as a pyramid scheme by the prosecutors, which affirm that the company made money off recruiting people to call more people to invest to get rewards, a classic move in this kind of scheme. The company claims to have 3 million people around the whole world, which makes it one of the most famous schemes of this type.

According to OneCoin, however, its money does not come from a pyramid scheme but from mining tokens instead. The company affirms that it mines the tokens and that its price growth is fully organic.

Geoffrey Berman, U. S. attorney, has affirmed that the defendants managed to create a multi-billion dollar scheme based completely on lies and deceit. According to the prosecutor, they offered big returns and minimal risks, but it was a pyramid scheme business, which is notoriously risky as they always fall apart as soon as the money stops coming in.

At the moment, despite Ignatov being arrested, Ignatova remains free and is currently facing charges in India, where she is residing at the moment.

The International Effort To Crack Down OneCoin

It surely wasn’t easy for the authorities to be able to crack down on this company. In order to be able to prosecute the involved, several countries, including the United States, United Kingdom, Belgium, Italy, Luxembourg, Uganda, Nigeria, India, Germany, Austria, Vietnam, Belize, Hungary, China, Finland, Bulgaria, and Samoa have cooperated.

Only in China, more than 100 individuals were prosecuted for their involvement in deceiving investors and making them give money to the company. Indian authorities were also responsible for arresting several people in connection with the company.

Several promoters also faced cease and desist orders and some payment processors were even shut down in response to what happened.

It was a Herculean effort to do all this in order to shut down OneCoin for good, so we all hope that the company is finally able to be forgotten for once and for all now.

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