A United States District Attorney has charged the founders of an international cryptocurrency pyramid scheme that involved the marketing of an allegedly fraudulent digital currency called “OneCoin.” The announcement was published by the U.S. Attorney Office of the Southern (NYSE:SO) District of New York on March 8.
The founders and leaders of OneCoin, Konstantin Ignatov and his sister Ruja Ignatova, were reportedly arrested on March 6, 2019, in Los Angeles. The siblings were accused of “wire fraud, securities fraud, and money laundering offenses,” wherein they allegedly lured investors to contribute “billions of dollars in the fraudulent cryptocurrency.”
OneCoin was established in 2014 and is based in the capital city of Bulgaria, Sofia. The project operates as a marketing network through which members receive commissions for attracting other potential investors to buy cryptocurrency packages. OneCoin purportedly has over three million members worldwide.
Continue Reading on Coin Telegraph
