OneCoin leader faces up to 20 years in prison over fraud charges

Sourced from: https://financefeeds.com/onecoin-leader-faces-20-years-prison-fraud-charges/

The US governments continue to actively prosecute cryptocurrency-related scams.
Among a variety of other representations, OneCoin Ltd. has promised the OneCoin cryptocurrency is”mined” utilizing mining servers maintained and run by the company, and that the value of OneCoin is based on market supply and demand. In fact, the worth of OneCoin is established internally and not based on market demand and supply; and OneCoins aren’t mined utilizing computer resources.
FinanceFeeds –
With his sister Ruja Ignatova and others, Ignatov created representations about OneCoin,” and, because of this, victims invested billions of dollars globally from the fraudulent cryptocurrency.
According to the allegations in the Complaint, starting in late 2017, Ignatov, supposed high-level places at OneCoin, climbing to the top leadership position with mid-2018.

Furthermore, OneCoin Ltd. has promised to possess a private”blockchain,” or an electronic ledger identifying OneCoins and recording historical trades. The investigation has shown that OneCoin lacks an actual blockchain, that is, a people and verifiable blockchain.

Furthermore, Ignatov has represented an”initial public offering” of how OneCoin would happen on several dates in 2018 and 2019, in an effort to generate excitement and solicit additional investments from member victims. On the other hand, the supposed offering was repeatedly postponed, and no this offering has occurred.
OneCoin Ltd. operates as a multi-level advertising network by which members receive commissions for recruiting other people to buy cryptocurrency bundles. This multi-level marketing structure appears to have affected rapid growth of the OneCoin manhood network. Really, OneCoin Ltd. has promised to have more than 3 million members worldwide, such as victims working or living within the Southern District of New York.
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