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OneCoin: $ 3.7 billion Crypto Scam Ringleader arrested at LAX

FBI agents have arrested Konstantin Ignatov at the Los Angeles International Airport (LAX) for conspiracy to commit wire fraud, after the OneCoin project he was the leader was subjected to as a pyramid program. Bulgaria's company OneCoin has exposed as a pyramid scheme and the brains behind it as scams. Operation leader Konstantin Ignatov was taken up by the authorities at LAX on March 6, 19459007 th . He is considered one of several figures mastering $ 3.7 billion in scam. Ignatov's sister, Ruja Ignatova, also faces charges of money laundering and wire and securities fraud. But she's still big. OneCoin has been implicated in charges in several countries, including Vietnam, India and China where fees have been paid to several promoters. Several 1 9659004] Ledger Nano S – The secure hardware wallet "src =" data: image / svg + xml,% 3Csvg% 20xmlns = 'http: //www.w3.org/2000/svg'%20viewBox='0%200% 201% 201 '% 3E% 3C / svg% 3E "data-lazy-src =" https://www.ledgerwallet.com/images/promo/nano-s/ledger_nano-s_7-2-8×9-0.jpg " /> What is OneCoin? A bluff Founded in 2014, it was a Ponzi system that carries all the common features; It claimed that it was amazing and revolutionary and that Change how its product – in this case, educational material – was delivered. Essentially, investors would buy educational material packages for as much as $ 118,000 ($ 132,000) each, and in those packages, tokens that could be used for my "OneCoins" which can later be exchanged for fiat, but these were all but functional and users' accounts had strict limits on revocation,…

FBI agents have arrested Konstantin Ignatov at the Los Angeles International Airport (LAX) for conspiracy to commit wire fraud, after the OneCoin project he was the leader was subjected to as a pyramid program.

Bulgaria’s company OneCoin has exposed as a pyramid scheme and the brains behind it as scams. Operation leader Konstantin Ignatov was taken up by the authorities at LAX on March 6, 19459007 th . He is considered one of several figures mastering $ 3.7 billion in scam. Ignatov’s sister, Ruja Ignatova, also faces charges of money laundering and wire and securities fraud. But she’s still big.

OneCoin has been implicated in charges in several countries, including Vietnam, India and China where fees have been paid to several promoters. Several 1

9659004] Ledger Nano S – The secure hardware wallet “src =” data: image / svg + xml,% 3Csvg% 20xmlns = ‘http: //www.w3.org/2000/svg’%20viewBox=’0%200% 201% 201 ‘% 3E% 3C / svg% 3E “data-lazy-src =” https://www.ledgerwallet.com/images/promo/nano-s/ledger_nano-s_7-2-8×9-0.jpg ” />

 Ledger Nano S - The Safe Hardware Wallet

What is OneCoin?

A bluff Founded in 2014, it was a Ponzi system that carries all the common features; It claimed that it was amazing and revolutionary and that Change how its product – in this case, educational material – was delivered. Essentially, investors would buy educational material packages for as much as $ 118,000 ($ 132,000) each, and in those packages, tokens that could be used for my “OneCoins” which can later be exchanged for fiat, but these were all but functional and users’ accounts had strict limits on revocation, which means that their coins were essentially worthless.

By 2017 and In 2018, authorities around the world, including Belize, Samoa, India, China and a number of European Union’s, undertook a number of actions to capture OneCoins pushers. In India, authorities seized about $ 8 million in cash on several bank accounts and also went undercover to a OneCoin recruitment event where 18 people were arrested later.

Ponzi Scheme

OneCoin worked on several levels. In addition to persuading investors to share huge sums of money for what was actually plagiarized training material, it also worked through their users, who were paid a commission if they could convince others to buy OneCoins.

Although OneCoin as a crypto competition runs the company not a blockchain or storger, but rather an SQL database.

In addition, the price of OneCoin was inflated many times over the actual value. At one point, the coin was sold for € 30, when it was actually worth around € 0.5. As stated, this went on when the company began issuing fake OneCoins 2015, which was completely useless.

A report in Verge cites Ignatov in response to the question of when OneCoin members could pay their coins with:

“If you are here to pay out, leave this room now, because you do not understand what it is this project is about. “

20 Years in Prison

So, another crypto scam has been upgraded, and will now enter the cabinet with Bitconnect, ACChain, and a host of other criminal companies. While reading about crypto scams can sometimes raise an alley smile, these cases are real and it is imperative that they are rooted and space detoxified if crypto adoption really happens on a large scale.

Ignatov faces up to his sins up to 20 years in prison for his crimes, the same as a sentence already served by the British man Mark Scott who helped further develop the OneCoin project. It’s nothing compared to what his sister Ruja faces – if and when she’s caught. She faces five separate charges in the United States, which total a maximum of 85 years behind bars.

Image source: “Pixabay”

 Ledger Nano S - The secure hardware wallet

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