- Authorities have been suspicious of OneCoin’s scam for two years.
- Presently, co-founder Ruja Ignatova has yet to appear in court.
A multi-level marketing scam by OneCoin is gaining the attention of the United States Government, which has estimated that that scam is worth $4 billion. However, recent reports from Finance Magnates state that Jamie Bartlett made claims that that the scam is worth much more than the government is speculating. Bartlett is the head of a podcast called The Missing Cryptoqueen, which is presently focusing on finding Ruja Ignatova, the co-founder of OneCoin.
News reports are already picking up on the podcast, as CoinTelegraph stated that the actual figure is more likely to be three or four times the amount of the estimate. Bartlett’s research documents show that the $4 billion estimate is likely to be from just one of the continents affected.
In a report from Bloomberg, from late in the year of 2014 to late 2016, the scam was able to generate about 3.4 billion euros. While the scam was going on, OneCoin Ltd. claimed that they had over 3 million users globally.
Ignatova allegedly formed OneCoin with brother Konstantin, and she’s been missing for the last two years, ever since lawmakers became suspicious that OneCoin was a scam. At the peak of the project, Ignatov was referred to as the CryptoQueen, and she’s already been charged in relationship with this case. However, she hasn't actually appeared in courtyet, despite being arrested at the Los Angeles International Airport this year.
Mark Scott, an attorney in the United States, reportedly was accused of using multiple shell companies to lauder OneCoin’s money, according to reports from Finance Magnates. The money was also reportedly moved through offshore bank accounts and other fraudulent investment schemes, pushing through $400 million in funds. Scott is presently on trial for these actions.
Julieta Lozano, the prosecutor in this matter, stated in court that Scott received substantial payments for his work. Some of this compensation included three expensive homes in Cape Cod, along with a 57-foot yacht and luxury cars.