OneCoin : Konstantin Ignatov faces 90 years in prison

Onecoin is one of the most influential digital currencies. Currently, there is information that OneCoin is a fraud scheme of Ponzi and pyramid scheme. Now the situation of Onecoin has changed a lot when the brother of “Cryptoqueen” Ruja Ignatova – the founder of Onecoin has admitted money laundering and fraud charges in the United States.

CEO Oncecoin Konstantin Ignatov’

The cryptocurrency has given unclear beliefs to investors that it will make money easily and Onecoin has achieved significant success when it has earned nearly $ 4 billion, but this is actually seem to be a Ponzi scheme.

Ruja Ignatova disappeared without reason in October 2017 which shocked investors. Then, her younger brother – Konstantin Ignatov, took over the company as CEO.  However, he was arrested in March 2019 at Los Angles International Airport for being accused of conspiracy to commit fraud. The leader, Ruja Ignatova, is charged with money laundering and securities fraud and is still on the run. Some people say her appearance has been altered with cosmetic surgery to hide her arrest.

Konstantin Ignatov has pleaded guilty to frauds worth billions of dollars when signing the agreement on October 4. Under the agreement, Konstantin Ignatov will be guaranteed that it will not face any other criminal charges related to Onecoin, except tax violations. However, he faces 90 years in prison.

Konstantin Ignatov’s testimonies will reveal the activities of individuals who may threaten violence to his family and himself. Therefore, under the agreement, Konstantin Ignatov will receive a new identity and be transferred to the U.S. witness protection program.

US lawyer Mark Scott, a third collusion, was also charged with money laundering with $ 400 for the fraud in March.

Konstantin Ignatov said his sister called Onecoin critics “haters” and she was afraid that someone would arrest her and hand her over to the FBI.

He said he hasn’t contacted his sister since she went missing despite hiring a private investigator to find her. In addition, she had taken a “big passport” before asking him to buy flight tickets to Vienna, Austria, and Athens, he said.

OneCoin was launched by a Bulgarian national named Ruja Ignatova. OneCoin claims to work like any other standard cryptocurrency whose cryptocoins can be generated through the mining process, and can be used to make payments across the globe. It comes with its own e-wallet, and a total of 120 billion coins are available on the OneCoin network.

However, OneCoin is also alleged to be a multi-level marketing (MLM) scheme or a Ponzi scheme.

Trinh Nguyễn

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