Following the latest ruling on the OneCoin class-action lawsuit, we look into the biggest Ponzi scheme in crypto.
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.
Phoenix Thoroughbreds may need to wait before racing again.7966
The OneCoin case now seems to turn the sibling founders against each other.26053
Brother of OneCoin’s missing founder, Konstantin Ignatov is no longer one of key figures in a civil case brought by OneCoin victims.13922
Two promoters of $4 billion crypto exit scam OneCoin have been found dead in Mexico.17866
A Singapore man was fined $72,000 for operating a multi-level marketing scheme linked to the Ponzi scheme OneCoin.13387
The judge presiding over a class-action lawsuit targeting the executives behind the OneCoin Ponzi scheme has allowed the case to proceed.19680
Sentencing of the lawyer who laundered $400 million for the OneCoin Ponzi scheme has again been postponed.3096
Top OneCoin figure Le Quoc-Hung has returned with a vengeance — using OneCoin’s channels to promote a virtually identical Ponzi scheme called OneLink.10295
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.8582
US judge threatens to throw out $4B class-action suit against OneCoin after its lead plaintiff failed to meet multiple deadlines.4906
Sentencing for the co-founder of major alleged crypto scam OneCoin has been postponed for a further three months at the request of the U.S. government.8887
The U.S. government has rejected the claim of alleged OneCoin money launderer Mark Scott that it failed to produce sufficient evidence against the former attorney.4482
As the Federal Reserve reveals it has been told to print as much money as it needs to combat the coronavirus crisis, Crypto-Twitter points out the shortcomings of the plan.10280
The co-founder of the notorious $5 billion fraud, Ruja Ignatova, will ultimately hit screens after a U.S. production company wins filming rights.21336