The OneCoin cryptocurrency is promoted as an analogue of the Bitcoin system but with a private blockchain. Cryptocoin was made by “One Coin Limited” that was founded by Ruja Ignatova in 2015. Comparing OneCoin with Bitcoin, some significant differences can been seen: the absence of a peer-to-peer network, which means mining is done only by the company; all transactions can be operated via partnership exchanges; and all data can only be stored by the issuer, i.e. “One Coin Limited.” According to the company, the main aspect of their business is spreading educational material about exchange trading. For the implementation of OneCoin, the principle of multi-level marketing (MLM) is used. In other words, it is a pyramid scheme, which raises many questions in the crypto community about its legality.
The judge presiding over a class-action lawsuit targeting the executives behind the OneCoin Ponzi scheme has allowed the case to proceed.
Judge Rules Lawsuit Targeting Multi-Billion OneCoin Ponzi Can Proceed
Sentencing of the lawyer who laundered $400 million for the OneCoin Ponzi scheme has again been postponed.
Medical Testing Pushes OneCoin Launderer’s Sentencing to July
Top OneCoin figure Le Quoc-Hung has returned with a vengeance — using OneCoin’s channels to promote a virtually identical Ponzi scheme called OneLink.
Key OneCoin Figure Returns With New USDT-Powered Ponzi Scheme
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.
OneCoin Investors Ask Judge Not to Scrap Suit While New Indictment Is Unsealed
US judge threatens to throw out $4B class-action suit against OneCoin after its lead plaintiff failed to meet multiple deadlines.
Judge Threatens to Nix OneCoin Suit After Plaintiffs Miss Multiple Deadlines
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.
US Court Postpones Sentencing for OneCoin Crypto Scam Co-Founder
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 attorn...
Feds Fight Motion to Dismiss Case Against One Coin Crypto Scam Lawyer