The OneCoin fraud is again in the spotlight with a new development, as a trio of perps have been trialed in a German courtroom in connection to the $4 billion cryptocurrency scam.
A husband and wife manager duo responsible for OneCoin customers’ payments are currently on trial for managing close to $315 million. The other perpetrator is a lawyer based in Munich who acted as intermediary for $20 million, money used to buy Ruja Ignatova, a.k.a the “Cryptoqueen” luxury apartment in London.
It was in 2014 that Ignatova started selling her OneCoin cryptocurrency as market mechanism-dependent token. The selling point was that 50 000 new OneCoins were supposed to be generated each minute. But of course the whole thing crumbled down. There was no plan to mine coins. What was done instead was to increase the value of already exiting coins.
At its height, there were 3000 onboarded users, who generated an outstanding €3.4 billion in revenue.
Ruja Ignatova is wanted by both police in Europe and the United States since 2017, when the true intentions of OnceCoin were revealed. At that moment she disappeared from the public eye, and has not been seen ever since. No one really knows where she currently is.
In the meanwhile, her brother Konstantin Ignatov, who had taken over the business, was arrested in L.A in 2019. OneCoin’s co-founder Mark Scott and corporate lawyer Karl Sebastian Greenword were both apprehended by authorities and convicted in front of a court in the United States.
