US prosecutors have arrested one leader in the OneCoin project for stealing billions from investors within the alleged pyramid scheme.

Ruja Ignatova and Konstantin Ignatov are indicted by the State of the latest York for wire fraud, securities fraud, and cash laundering. Ignatov was arrested yesterday, however, Ignatova remains most importantly.

The pair defrauded investors out of “billions of dollars” using fake cryptocurrency.

OneCoin

Prosecutors are calling the OneCoin project a pyramid scheme whereby members work towards a commissions basis and attempt to recruit folks to the project. All these members, which there are a purported 3 million worldwide, should buy a cryptocurrency package so that they can join up to your scheme.

According to CoinDesk,?“OneCoin claims its tokens are mined by servers operated with the company knowning that its price growth is organic [however], neither of those are true, the discharge says.”

According to Attorney Geoffrey Berman, both of them defendants promised big returns and minimal risk from them cryptocurrency company that is built on “lies and deceit.”

He furthered:

“They promised big returns and minimal risk, but, as alleged, this provider was a pyramid scheme according to smoke and mirrors greater than zeroes and ones. Investors were victimized while the defendants got rich.”

Ignatova reportedly detailed with an email how she had an “exit strategy” of your project and also face charges in India with the fraudulent scheme. Ignatova remains most importantly. The third leader belonging to the project, Mark Scott, was arrested last season in Massachusetts.

Crackdown

The OneCoin project was highlighted as fraudulent since 2019. It really has been globally labeled as a scam with nations throughout the world warning users relating to this.

Have you fallen victim to somewhat of a cryptocurrency scam? The marketplace is volatile, together with the risks of being scammed are high. What exactly your thoughts concerning OneCoin project?