The "public face of OneCoin" is in plea talks for a range of charges
Founded in 2014, Bulgaria-based firm OneCoin is an alleged crypto exit scam that reportedly raised $4.4 billion in a Ponzi scheme and laundered $400 million over its years of operation. Co-founder Konstantin Ignatov pleaded guilty to those charges, while his sister and co-founder Ruja Ignatova, also known as “cryptoqueen,” is currently a fugitive. The company has since been hit by a massive class-action lawsuit, with legal proceedings currently ongoing.
Aside from the fugitive founder and legal investigation, the OneCoin saga is far from over, with former “employee” Quoc-Hung, also known as Simon Le, currently using OneCoin’s existing channels to prop up a similar Ponzi scheme called OneLink.
OneCoin is not the only investment scam of prominence in the crypto industry, with other notable Ponzi schemes including Bitconnect and PlusToken. These schemes involve a multilevel marketing model that incentives “representatives” to sell memberships to an enterprise with no genuine product. Schemes such as these have resulted in billions of dollars in fraudulent activity, which has certainly marred the industry’s reputation in the eyes of the broader marketplace and regulatory authorities worldwide.
Mark S. Scott, who pocketed upwards of $50 million in fees for laundering OneCoin money, disbarred6777
If the courtroom drama of OneCoin is not enough, you’ll soon see the whole thing play out on the big screen.34283
Banks cleared over $2 trillion in "suspicious" transactions. How did crypto fare in comparison?5562
Following the latest ruling on the OneCoin class-action lawsuit, we look into the biggest Ponzi scheme in crypto.27528
Phoenix Thoroughbreds may need to wait before racing again.8151
The OneCoin case now seems to turn the sibling founders against each other.26701
Brother of OneCoin’s missing founder, Konstantin Ignatov is no longer one of key figures in a civil case brought by OneCoin victims.14425
Two promoters of $4 billion crypto exit scam OneCoin have been found dead in Mexico.19244
A Singapore man was fined $72,000 for operating a multi-level marketing scheme linked to the Ponzi scheme OneCoin.13752
The judge presiding over a class-action lawsuit targeting the executives behind the OneCoin Ponzi scheme has allowed the case to proceed.19904
Sentencing of the lawyer who laundered $400 million for the OneCoin Ponzi scheme has again been postponed.3184
Top OneCoin figure Le Quoc-Hung has returned with a vengeance — using OneCoin’s channels to promote a virtually identical Ponzi scheme called OneLink.10790
The latest developments in proceeding surrounding the notorious OneCoin fraud have seen the plaintiffs in a $4 billion suit plead for the suit to continue.8727
US judge threatens to throw out $4B class-action suit against OneCoin after its lead plaintiff failed to meet multiple deadlines.4984