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OneCoin Co-Founder Faces 90 Years of Prison

Elaborating on the OneCoin scandal and the arrest of the co-founder Konstantin Ignatov. More information on the news, read now.

Drama alert regarding OneCoin emerged in recent days.

Konstantin Ignatov, the co-founder of the an allegedly crypto scam OneCoin pleaded guilty for his participation in this billion-dollar fraud.

According to BBC, the co-founder signed a plea on 4th of October and could possibly be facing 90 years in prison. The BBC stated that the news went public on 12th of November.

Ignatov was arrested at the Los Angeles International Airport in March 2019 and pleaded guilty for fraud and money laundering. He will not yet face any criminal charges on the account of being part of OneCoin, except charged for violating taxes. He hasn’t been sentenced yet.

OneCoin is known for being a scam with another one BitConnect and the Bulgaria-based firm OneCoin raised around 4 billion dollars in Ponzi scheme.

According to reports, Konstantin Ignatov spoke against his sister and co-founder Ruja Ignatova. In testifying against Mark Scott, who is said to have helped launder around 400 million dollars via the project, Ignatov stated that his sister got tickets and passport for Austria and Greece. He said that he hired a private investigator to track down his sister, since she disappeared into thin air.

Where is Ignatova?

According to Cointelegraph, Ignatov testified that after his sister’s disappearance security that went with her said that she met with some Russians. The founder of the investigative publication Inner City Press Matthew Lee, informed Ignatov that Ignatova had the protection of some unnamed “rich and powerful” Russian.

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Coin Choose is a dynamic crypto-journalist known for his sharp insights and lively writing style. With a background in investigative journalism and a knack for demystifying the complex world of cryptocurrencies, CC brings a fresh, engaging perspective to the crypto news landscape. His personal motto, "Decrypting crypto, one story at a time," perfectly encapsulates his approach: tackling the complexities of cryptocurrency with clarity, enthusiasm, and a hint of playful curiosity.

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