Prosecutors in the US raised criminal charges against the founders of OneCoin – a crypto currency, which allegedly turned out to be a multibillion-dollar pyramid scheme.

Konstantin Ignatov, the CEO of OneCoin Ltd and his sister Ruja Ignatova, known as “the Cryptoqueen,” are accused of misleading investors with promises of huge returns with a minimal risk.

According to the US Prosecutors OneCoin, which is still in business with more than 3 million members, has been run like a pyramid – OneCoin members were recruiting new members to buy cryptocurrency packages in exchange of commissions.

The 1,2 billion USD investor money that are located until now have been laundered through 21 countries, the prosecutors also said.

For the two year period ended in September 2016 OneCoin records show profit of 2.23 billion EUR on sales of 3.35 billion EUR.

The scope of the scam is absolutely shocking.

mlawson71 wrote: Fri Mar 15, 2019 4:09 am Prosecutors in the US raised criminal charges against the founders of OneCoin – a crypto currency, which allegedly turned out to be a multibillion-dollar pyramid scheme.

Sheezus. These crypto shenanigans keep getting worse by the day. Scams all over the place

mlawson71 wrote: Fri Mar 15, 2019 4:09 am
The scope of the scam is absolutely shocking.

Shocking? Abolutely not. Business exploiting greed is a daily occurance. The prey are the ones looking for a quick buck without educating themselves first. What is too good to be true is a warning signal NOT to be ignored. Otherwise Maddof could never have made off with so much money. Same type of "victims".

I, personally, was shocked by the size of the scam. I don't think I can even visualize that amount of money.

Unregulated Forex brokerage OneCoin has just been added to the warning list of New Zealand Financial Markets Authority on suspicions it is involved in fraudulent activies.

The official warning reads that the FMA suspects the brokerage of operating a scam and warns traders in New Zealand to exercise caution before dealing with them.

You don't say, FMA.

mlawson71 wrote: Fri Jul 26, 2019 2:33 am Unregulated Forex brokerage OneCoin has just been added to the warning list of New Zealand Financial Markets Authority on suspicions it is involved in fraudulent activies.

The official warning reads that the FMA suspects the brokerage of operating a scam and warns traders in New Zealand to exercise caution before dealing with them.

You don't say, FMA.

Bastards. Thanks for the heads up man.

You're welcome.
It's just mind-boggling how long it takes for authorities to react to this scam, considering its sheer scope.