One Coin Founder’s Brother Pleads Guilty to $4B Ponzi Scheme

Mary Brendah by Mary Brendah - 08:35 AM Nov 15, 2019
one-coin-founders-brother-pleads-guilty-to-4b-ponzi-scheme

One of the biggest cryptocurrency scams of our time is One Coin which managed to rake up to $4 billion. However, the cryptocurrency ecosystem is no stranger to Ponzi schemes. The exciting new technology, coupled with a dramatic rise in prices a few years ago; helped lure people into get-rich-quick schemes that only served to part them from their hard-earned cash.

One coin was founded by Ruja Ignatova in Bulgaria back in 2014 and is still operational to date. The cryptocurrency experienced remarkable success, shooting up in value from 29 euro cents to a stunning 29.95 euros from late 2014 to late 2016. The entire operation took in almost $4 billion; however, the problem was that the entire system seems to be a Ponzi scheme.

Particularly, the One Coin cryptocurrency scam has taken another turn as the brother to the founder, Konstantin Ignatov, pleads guilty to money laundering and fraud charges in the United States. Moreover, Konstantin who was arrested in Los Angeles, faces up to 90 years behind bars. However, he has not been sentenced yet and will reportedly not face further criminal charges for his role in OneCoin, except for potential tax violations.

Konstantin Provides Details on “Cryptoqueen’


In addition, Konstantin has reportedly provided further details against his sister and OneCoin co-founder Ruja Ignatova, also known as “crypto queen”. While testifying in the trial against Mark Scott, who reportedly helped launder nearly $400 million through OneCoin; Konstantin told the court that his sister obtained a passport and tickets; to Austria and Greece from her home in Bulgaria.

In conclusion, Konstantin said that Ignatova described OneCoin’s critics as “haters”; and was afraid that someone close to her was going to give her up to the FBI. He also said that he had hired a private investigator to find Ignatova, adding that he had not spoken to her since she went out of the scene.

 

About The Author
Mary Brendah

Mary BrendahMy first love is music – then goes writing. I don’t write fiction, I analyze bulls and bears in markets. I call it my jungle, the digital jungle of crypto and chains.

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