The Onecoin scam, a multi-level Ponzi scheme that acquired $4 billion from investors has been falling apart at the seams. Criminal proceedings have started against Onecoin leaders and one alleged associate who was found guilty of laundering $400 million has asked a New York judge for more time to process an acquittal motion. Additionally, according to testimony from Onecoin cofounder Konstantin Ignatov, the owner of the Phoenix Thoroughbreds was accused of stealing €100 million from the Onecoin Ponzi.
Also read: Onecoin Websites Suspended as the $4 Billion Ponzi Crumbles
Accused Onecoin Co-Conspirator Asks for Extension to Prepare Acquittal and Retrial Motions
Onecoin is a Ponzi scheme founded in 2014 by Ruja Ignatova, Sebastian Greenwood, and Konstantin Ignatov. For years the leaders, alongside a large group of associates, claimed Onecoin was a real blockchain and a legitimate cryptocurrency. However, many individuals, groups, and insiders revealed the true nature of the Onecoin beast, but it still managed to siphon $4 billion from unknowing investors.
Last week, news.Bitcoin.com reported on how Onecoin operations have been falling apart and a slew of Onecoin domains were seized by law enforcement. Both Konstantin Ignatov and Sebastian Greenwood were arrested by U.S. authorities last year, but Ruja Ignatova, otherwise known as the ‘Crypto Queen,’ has been on the lam. According to her brother Konstantin, Ruja allegedly acquired a “big passport” and met up with Russian friends in Athens. No one has been able to locate Ruja, and just before she left, the Crypto Queen purchased a multi-million dollar home and yacht.
While Ruja remains at large, one of her alleged
