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FBI Nabes Kingpin behind MultiBillion Dollar Crypto Scam

The latest report coming from US media suggests that 'Konstantin Ignatov' the Kingpin behind Billion dollar pyramid crypto scam called, 'OneCoin' has been arrested by FBI on Mar the 6th from  Los Angeles International Airport.

As per the official report shared by the FBI on the website of ‘Department of financial justice’ on March 08, 2019. 'OneCoin' is a MultiBillion Ponzi scheme which had defrauded many investors globally. The report also claims 'The OneCoin Ltd' led by 'Konstantin Ignatov' along with his partners have been allegedly selling the fraudulent cryptocurrency to investors across the globe. As per the reports, other 22 promoters have already been charges in various countries including India, China, and Indonesia for selling alleged 'OneCoin'.

FBI Nabes Kingpin behind MultiBillion Dollar Crypto Scam

William Sweeney, Jr. Assistant Director-in-Charge at FBI said,

"As we allege, OneCoin was a cryptocurrency existing only in the minds of its creators and their co-conspirators. Unlike authentic cryptocurrencies, which maintain records of their investors’ transaction history, OneCoin had no real value. It offered investors no method of tracing their money, and it could not be used to purchase anything. In fact, the only ones who stood to benefit from its existence were its founders and co-conspirators.”

About OneCoin

Founded by 'Konstantin Ignatov' and his team in 2014 'OneCoin' is an alleged MultiBillion Dollar pyramid scheme which caught the attention of regulators and lawmakers by early 2016 by that time the promoters had already managed to make Billion of Dollar from the Multi-Level Ponzi scheme. It is worth noting that this Pyramid scam within 2 years of its existence managed to attract over 3 Million investors from various countries including India, China, and European countries.