FBI agents have arrested Konstantin Ignatov at the Los Angeles International Airport (LAX) for conspiracy to commit to fraud, after the OneCoin project he was head of was exposed as a pyramid scheme.
Bulgaria-based company OneCoin has been exposed as a pyramid scheme and the brain behind it as scammers. The Operation Leader, Konstantin Ignatov, was obtained by the authorities at LAX on March 6, 19459007 th . He is believed to be one of several characters that masterminding $ 3.7 billion in fraud. Ignatov's sister, Ruja Ignatova, also faces charges of money laundering and securities. However, she is still great.
OneCoin has been involved in charges in several countries, including Vietnam, India and China, where charges have been charged to several promoters. Several banks have also issued warnings to customers about getting involved.
What is OneCoin?
A scam. Founded in 2014, there was a Ponzi scheme that bore all the usual characteristics; It claimed to be fantastic and revolutionary and changed the way its product – in this case, educational material – was delivered. Essentially, investors would buy educational material packages as much as $ 118,000 ($ 132,000) each. In these packages were tokens that could be used to remind "OneCoins" which could later be switched to fiat. But these were all but non-fungible, and the users' accounts had strict retraction limits, meaning their coins were substantially useless.
Throughout 2017 and 2018, governments around the world, including Belize, Samoa, India, China and a number of European Union, have taken a number of steps to capture OneCoin's pushers. In India, the government took about $ 8 million in cash on multiple bank accounts, and was also subject to a OneCoin recruitment event in which 18 people were arrested later.
OneCoin worked on several levels. In addition to convincing investors to share with large sums of money for what was actually plagiarized educational material, it also worked through the users, who were paid a commission if they could convince others to buy OneCoins.
Despite describing OneCoin as a cryptocurrency, the company did not run a blockchain or storger, but rather an SQL database.
Furthermore, the price of OneCoin was inflated many times over the actual value. At one point, the coins were sold at € 30 as it was actually worth around € 0.5. By the way, this went on when the company began issuing counterfeit OneCoins in 2015, which was completely worthless.
A report in Verge cites Ignatov in response to the question of when the OneCoin members could pay their coins with:
"If you are here to withdraw money, leave this room now because you do not understand what this the project is about. "
20 Years in Prison
Then another crypto scam has been upgraded and will now enter the closet with Bitconnect, ACChain and a number of other criminal ventures. While reading about crypto scams can sometimes increase the smiley smile, these cases are real and it is important that they are rooted and the space detoxify if the crypto adoption should really happen on a large scale.
For his sins, Ignatov faces Opportunity for up to 20 years in prison for his crimes, the same as a sentence already served by British man Mark Scott, who helped promote the OneCoin project. There is nothing in relation to what her sister Ruja faces – whether or not she is trapped. She faces five separate charges in the United States, which in total carry a maximum of 85 years behind bars.
Image source: "Pixabay"
Alex puts words on paper since he was old enough to hold a pen; When he bought his first bitcoin in January 2017, these words discovered their place within the crypto as well. He holds a master's degree in international relations from Leiden University in the Netherlands, and his special expertise lies in European crypto-course regulation.