Crypto Companions Face Their First Day in Court

Three associates of OneCoin mastermind Ruja Ignatova (aka CryptoQueen) appear in a German court on October 18, 2022.

The three men are facing trial after being charged with money laundering, fraud and other bank-related offences.

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One of the accused is Ignatova’s former lawyer, who allegedly transferred $19.7 million for Ignatova to buy two London apartments in the Cayman Islands. The other two are pairs that handled OneCoin customer funds worth 320 million euros in a single year.

A German court prosecutor called OneCoin a scam to read the indictment against the accused parties.

According to the indictment, Ignatova falsely claimed OneCoin to be a cryptocurrency subject to easily observable market forces whose mining activities yielded 50,000 coins per minute.

“In fact, the ever-increasing value was a fake and the mining process was only simulated by software,” the prosecution asserted.

The coin was also not widely accepted and had low value and liquidity.

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Despite earning a law degree from Oxford University and always wearing impeccable clothes, Ignatova won over 3 million customers from over 100 countries, while not so much as a functional blockchain to demonstrate. He started the OneCoin scam in Bulgaria in 2014, defrauding investors of over $4 billion. Between Q4 2014 and Q4 2016, the company claimed to have made a profit of $2.2 billion.

Ignatova allegedly jeopardized a commission in front of investors who sold OneCoin to others and advised “take the money and run” to anyone wishing to exit the scheme. The authorities at the time called it a classic Ponzi scheme that offered high interest rates with minimal risk.

Her whereabouts are unknown, and she has successfully survived anticipatory attempts by US and European law enforcement. He is absconding since October 2017 after fleeing from Bulgaria. Some believe she fled to Greece, while a reporter for the Daily Mail, Jamie BartlettThe cryptocurrency tracker, said she went back to Bulgaria before moving to Dubai and is now living on a private yacht.

He is currently on the Federal Bureau of Investigation’s list of ten most wanted fugitives.

As Ignatova disappeared, her brother Konstantin took over the leadership of the company. He was arrested in the United States in 2019 for wire and securities fraud and has entered a plea deal to work with US law enforcement.

In June 2022, Sky Germany, Fremantle and the UK channel signed an agreement to produce a documentary series of the OneCoin scam called “Cryptocoin”.

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