The former head of legal and compliance at OneCoin faces up to 10 years in prison for her role in the $4 billion crypto trading scheme.
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.
A lawyer who laundered $400 million from the OneCoin scam has been denied a new trial despite arguing there were legal mistakes and false testimony in the original trial in 2019.2575
Karl Greenwood will also have to pay back the $300 million he made in commissions in the OneCoin pyramid scheme.7184
The alleged fraudster was accused of doing the “exact opposite” of her job title, which was to ensure OneCoin was complying with laws.7320
The co-founder of the fraudulent scheme is set to be sentenced in April 2023 on charges relating to wire fraud and money laundering.13005
The whereabouts of “Cryptoqueen” Ruja Ignatova are still unknown, but the charges against OneCoin members are starting to pile up.4207
The "public face of OneCoin" is in plea talks for a range of charges22849
Mark S. Scott, who pocketed upwards of $50 million in fees for laundering OneCoin money, disbarred7639
If the courtroom drama of OneCoin is not enough, you’ll soon see the whole thing play out on the big screen.36509
Banks cleared over $2 trillion in "suspicious" transactions. How did crypto fare in comparison?5953
Following the latest ruling on the OneCoin class-action lawsuit, we look into the biggest Ponzi scheme in crypto.34117
Phoenix Thoroughbreds may need to wait before racing again.8578
The OneCoin case now seems to turn the sibling founders against each other.27653
Brother of OneCoin’s missing founder, Konstantin Ignatov is no longer one of key figures in a civil case brought by OneCoin victims.15112
Two promoters of $4 billion crypto exit scam OneCoin have been found dead in Mexico.21576