The alleged Ponzi scheme, OneCoin might eventually close down as a U.S lawsuit charging its founders and $4 billion revenues becomes official.
At the US Southern District Court of New York, a class action document was filed on May 7 charging four executives behind OneCoin; Sebastian Greenwood, Mark Scott, Ruja Ignatova and Konstanin Ignatov, with the later two related as brother and sister.
They were all involved in the scheme’s global reach, which Christine Grablis (the plaintiff) accused them of fooling many investors. He was one of the victims who lost money without any returns.
The document revealed that Grablis invested about $103,500.00 in OneCoin from August 2015 to August 2016.
Cryptocurrency News Today: OneCoin Scaled Through So Many Legal Challenges
It was reported that, OneCoin scaled through so many legal challenges from different countries in the world. A social media army often threatens people who want to expose the company’s actions thereby defending the company’s fraudulent practices.
Ignatova was eventually apprehended by authorities in March. The lawsuit reported that it did not carry out any of its promised activities, there was no OneCoin tokens, no blockchain, and no mining.
There were transcripts from the indicted founders backing up the allegations. Ignatova told Greenwood that they were not actually mining; they get members to believe they are mining their OneCoin through exchanging tokens for OneCoin.
Many had known that OneCoin was not functional, thereby waiting for the opportunity to confirm the market cap of the token.
It is however uncertain if the scheme will permanently shut down, 1990s Russia’s Mavrodi Mondial Moneybox, an Analog operation showed up again some years after it was initially shut down and after its founder was imprisoned.
Grablis concluded that OneCoin ltd carried out illegal business, of which the defendants knew about and accepted as part of the scheme to scam OneCoin ltd accountholders and investors.
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