‘OneCoin’ called a large pyramid scheme according to US officials
- Ponzi scheme being subbed as OneCoin has been doing the rounds across the market.
- Prosecutors noted that OneCoin is still in operation has ha over 3million members,
U.S. authorities announced on Friday detailed criminal fines against alleged leaders of a multi-billion pyramid scheme, the scheme which involved the sale of a fraudulent cryptocurrency, known as OneCoin across the market.
OneCoin run by Konstantin Ignatov, who runs and his sister known as Ruja Ignatova, who co-founded OneCoin and is dubbed as the “Cryptoqueen,” have been accused of misleading investors coveting big returns and low risk, in a scheme conceived as a fraud.
Prosecutors detailed OneCoin, which is still in operation, claimed to have over 3 million members, that are supposed to receive commissions for recruiting new members to buy cryptocurrency packages.
Author
Ken Chigbo
Independent Analyst
Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.
