On March 6, th arrested the US Federal Bureau of Investigation (FBI) OneCoin leader Konstantin Ignatov at Los Angeles International Airport (LAX). The government claims he was one of several masterminds behind the crypto-pyramid system with billions of dollars.
OneCoin has faced fines and criminal acts around the world – especially in India, where 22 promoters have already been charged. China has also imposed charges against promoters from OneCoin, while several central banks have issued warnings.
OneCoin claimed to be a revolutionary crypto competition. Instead, according to a researcher, it used a simple SQL database instead of a real block chain. OneCoin is the only rival when it comes to fraud, BitConnect.
Everyone wants to catch OneCoin Scammers
While several authorities want to try the OneCoin promoters, the United States certainly has the longest history of prosecuting fraudsters in the crypto industry.
US authorities put Ignatov together with conspiracy to commit fraud. He has been in the United States since February 27, when customs officers grabbed the phone and portability and gathered evidence.
His sister faces several charges: "fraud, security fraud and money laundering." She is still great.  "As a result of misrepresentation such as IGNATOV, IGNATOVA and others about OneCoin, the victims invested billions of dollars worldwide in the fake crypto competition. arrested on the complaint in the complaint. "
Part of the case against Ignatov and Ignatova is related to the fact that they never launched an actual crypto competition. Instead, they used a proprietary SQL database to log transactions into the "OneCoin" network. In typical Ponzi fashion, they encouraged people to invest with "guaranteed" promises.
Fake Blockchain is part of Case Against Ignatov
International authorities have been stupid of how much money the scheme has managed to bring in, especially from poor regions such as Vietnam, where the fraud claimed to have some degree of legitimacy.
Ignatov's accusation reads, in part:
"OneCoin lacks a true, verifiable block chain that registers OneCoin mining of members […] OneCoins is not actually mined by members."
The mention of this fact in the charge makes the case interesting for crypto enthusiasts. By definition, it is difficult to call a fraud in a public block, unless there are premise or other aspects that unfairly reward specific participants.
However, Ignatov and Ignatova have very actively claimed their role in the development and marketing of OneCoin. The charge mentions the following video:
Ignatov says to a co-founder, in one quote:
"As you told me, the network would not work with intelligent people."
The missing co-founder may be a person of interest to the investigation, or may even cooperate already with Ignatov and Ignatova.
Ignatov's arrest cancels plans as de facto leader
To get people to buy more coins last year, Ignatov said inside circle promoters that they should go public with OneCoin in October 2018. OneCoin wanted existing investors to buy more of the false cryptocurrency pending a rise in prices. "Going public" never happened, of course.
Perhaps the most interesting aspect of the arrest is that it puts a damper on OneCoin's backup plans. In fact, as those familiar with the matter may be aware, Ignatov's sister, Ruja Ignatova, is the most important promoter and owner of the fraud. Customs agents arrested Ignatov and grabbed the phone and laptop at the end of February. They discovered that he already had authority over his sister's possessions.
German authorities have an active order and are trying to arrest Ruja Ignatova.
At this time, it is clear that anyone who still invests new money in OneCoin has not done any research. The scheme is specifically aimed at "idiots" and people who are not "intelligent". Any clear-cut search for OneCoin will provide central bank alerts and many reports of the illegitimacy of OneCoin.
Yet, one day ago, a new video live on YouTube promising an "exchange" for OneCoins.