OneCoin Crypto Ponzi Gets German Court to Release 3 Million Euro in Stolen Funds

German Court Releases 3M Euro in Stolen Funds

OneCoin convinced a German court to release 3M EUR in funds accumulated by prosecutors from ponzi schmes. The funds were frozen by BaFin, Germany’s financial regulator, as a larger seizure back in April 2017. BaFin argued that the funds were laundered by OneCoin through the country from 2015 to 2016.

OneCoin countered, arguing that out of the total 29M EUR seized, 3M EUR was generated by shell company transaction fees and thus, should not be subject to seizure.

The argument went on appeal and on October 11, Hamm Higher Regional Court ordered the 3M in funds to be released to OneCoin. Public prosecutors have tried to unsuccessfully stop the release by issuing a new arrest order.

Worse yet, the Court ordered the German Treasury to pay attorney’s fees to OneCoin. Oddly enough, some are questioning the court’s decision, especially because it seems odd that funds obtained by ponzi scheme are not subject to seizure by the government.

For now, there is one negative outcome for OneCoin, and that is it remains banned in Germany and it is subject to further investigation.

Get Daily Headlines

Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

What to Know More?

Join Our Telegram Group to Receive Live Updates on The Latest Blockchain & Crypto News From Your Favorite Projects

Join Our Telegram

Stay Up to Date!

Join us on Twitter to Get The Latest Trading Signals, Blockchain News, and Daily Communication with Crypto Users!

Join Our Twitter

Add comment

E-mail is already registered on the site. Please use the Login form or enter another.

You entered an incorrect username or password

Sorry, you must be logged in to post a comment.
Bitcoin Exchange Guide