News
Andreas Szakacs, the co-founder of OmegaPro was arrested in Turkey in relation to his alleged involvement in a multibillion-dollar crypto scheme.
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OneCoin News
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.
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The “Cryptoqueen” has not been seen since 2017, as investigative authorities worldwide continue to seek information on her whereabouts.
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Bulgaria’s Acting Prosecutor General said Ruja Ignatova would be charged in absentia, while the FBI listed a $5 million reward for the OneCoin founder.
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Reports suggested that the latest individual to be charged in connection to the crypto scheme was associated with Gilbert Armenta, the boyfriend of OneCoin founder Ruja Ignatova.
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Judge Edgardo Ramos determined that Mark Scott was not “likely to flee or pose a danger to the safety of any other person or the community if allowed to remain on bail.”
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The judge who handed down Irina Dilkinska’s jail sentence described her as “a woman of great intelligence and a woman who ought to have known better.”
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The attorney cited Irinia Dilkinska’s role as a “loving wife and mother,” claiming time served was an appropriate sentence for her role in the OneCoin scheme.
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After spending 34 months in prison, Konstantin Ignatov walked free after cooperating with prosecutors and agreeing to hand over $118,000 in ill-gotten gains.
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A court convicted Mark Scott of two felony counts related to bank fraud and money laundering in November 2019.
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Mark Scott’s legal team proposed a sentence of five years in prison, compared to the more than 17 years the U.S. attorney suggested for “abhorrent” conduct.
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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.
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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.
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Karl Greenwood will also have to pay back the $300 million he made in commissions in the OneCoin pyramid scheme.
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The alleged fraudster was accused of doing the “exact opposite” of her job title, which was to ensure OneCoin was complying with laws.
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The co-founder of the fraudulent scheme is set to be sentenced in April 2023 on charges relating to wire fraud and money laundering.
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