Fun

Onecoin Cryptoqueen Associates Appear in German Court

News Feed - 2022-10-21 07:10:21

Onecoin Cryptoqueen Associates Appear in German Court


Three people are facing trial in Germany for their roles in one of the crypto world’s most infamous scams, Onecoin. The defendants are accused of fraud, among other crimes, allegedly committed as they assisted the pyramid scheme’s mastermind, ‘Cryptoqueen’ Ruja Ignatova, who is still on the run. Lawyer and Couple Face Criminal Allegations in Germany Over Roles in Onecoin Scam


A husband and wife as well as an attorney from Munich are now among the first people in Europe to face criminal charges over their participation in the Onecoin crypto scam. On Tuesday, they appeared in a German court, Bloomberg reported.


The three have been accused of money laundering, fraud, and banking crimes linked to the multibillion-dollar fraud scheme. The pyramid was founded and managed by Bulgarian-born German national Ruja Ignatova, dubbed the ‘Cryptoqueen.’


The lawyer allegedly transferred €20 million ($19.7 million) to the Cayman Islands on behalf of Ignatova for the purchase of two London apartments for €75 million euros. The couple are charged with handling €320 million in payments from Onecoin customers within a year.


The German indictment points out that the pyramid defrauded people by falsely claiming that Onecoin was a cryptocurrency with market-determined value. Investors were also told that it could be mined at a rate of 50,000 coins per minute. In the court room, prosecutors explained: In reality, the ever-growing value was a fake and the mining process was only simulated by the software. Cryptoqueen Ruja Still Missing, Wanted by Europe and America


Onecoin was established in 2014 and had an office in the Bulgarian capital Sofia, which was raided by law enforcement after Ruja Ignatova’s disappearance. The Cryptoqueen was last seen boarding a Ryanair flight bound for Athens on Oct. 25, 2017.


Ignatova is now wanted by Interpol, Europol, and the U.S. Federal Bureau of Investigation (FBI) for misappropriating at least $4 billion from Onecoin clients. In July, Greek media revealed that the Hellenic Police had unsuccessfully tried to locate and arrest her this year, acting on information that she met with specific persons.


After Ignatova vanished from the public eye in late 2017, her brother Konstantin Ignatov took over, but he was later arrested in Los Angeles in 2019. Konstantin pleaded guilty and sought witness protection. In the U.S., Ignatova has been charged with wire and securities fraud as well as money laundering.


In August, news came out that a British national accused of money laundering and wire fraud related to the Onecoin scam, Christopher Hamilton, had lost his bid to avoid extradition to the United States and would be handed over to U.S. authorities.


At some point, the crypto pyramid claimed to have more than 3 million members around the world, generating some €3.4 billion euros in revenue in less than two years of operation as a multilevel marketing network, between late 2014 and the third quarter of 2016. Tags in this story accused, attorney, Charges, couple, Court, Cryptoqueen, defendants, Fraud, german, Germany, lawyer, missing, Money Laundering, Onecoin, Prosecutor"s, Pyramid, Ruja Ignatova, Scam, Trial, wanted


Do you expect more people to face charges in connection with the Onecoin crypto pyramid scheme? Share your thoughts on the subject in the comments section below. Lubomir Tassev


Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration. US Charges Russians, Venezuelans for Sanctions Evasion Using Cryptocurrency NEWS | 5 hours ago German Crypto Bank Nuri Asks Clients to Withdraw Funds as It Goes Out of Business NEWS | 13 hours ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleBrazil-Based Neobank Nubank to Launch Own Cryptocurrency as Part of Loyalty Program Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItRipple CEO: SEC Lawsuit Over XRP "Has Gone Exceedingly Well"


The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.Following a Brief Fee Spike, Gas Prices to Move Ethereum Drop 76% in 12 Days Privacy-Centric Monero Plans for July Hard Fork, Plans Include Ring Signature, Bulletproof Upgrade Australia to List Bitcoin ETF After 4 Clearinghouse Participants Commit to Meet Stringent Margin Terms Fed"s Bullard Wants to Raise Bank Rate to 3.5% by Year"s End, Hints at 75 Basis Point Rate Hike

News Feed

Uniswap Surges Toward $8.74 – Can UNI Push Through To New Heights?
Este artículo también está disponible en español. Uniswap (UNI) is riding a wave of renewed bullish momentum, with its price inching closer to the critical $8.74 resistan
From $100 Million to Nothing — Biographer Claims John McAfee Was Broke When He Died
From $100 Million to Nothing — Biographer Claims John McAfee Was Broke When He Died Just before the antivirus tycoon John McAfee was found dead in Spain, he to
Bitcoin’s Back on the Table: 3 Best New Crypto as Arizona Revives Bill on Seized $BTC
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Decentralized Exchange Trading Volumes Remain Lackluster in the New Year, Uniswap Leads the Way with Daily Swaps
Decentralized Exchange Trading Volumes Remain Lackluster in the New Year, Uniswap Leads the Way with Daily Swaps According to statistics, decentralized exchange (dex) monthly tradi
Alice Ivey10 hours ago5 Python libraries to interpret machine learning modelsPython libraries that can interpret and explain machine learning models provide valuable insights into their predictions and ensure transparenc
US Sentences Promoter of $3.4B Bitconnect Crypto Ponzi Scheme to 38 Months in Prison
US Sentences Promoter of $3.4B Bitconnect Crypto Ponzi Scheme to 38 Months in Prison The U.S. has sentenced a Los Angeles man to 38 months in federal prison for his role in the $3.
US Senators Unveil New Crypto Bill — Experts Call It the ‘Most Direct Attack’ on Personal Freedom and Privacy of Crypto Users
US Senators Unveil New Crypto Bill — Experts Call It the "Most Direct Attack" on Personal Freedom and Privacy of Crypto Users Two U.S. senators, including Elizabeth Warren, have
Colombia Takes First Steps Toward Regulating Cryptocurrency Exchanges
Colombia Takes First Steps Toward Regulating Cryptocurrency Exchanges The Congress of Colombia has approved a bill that regulates the behavior of cryptocurrency exchanges in the co
Playing Around With the SIDUS HEROES Demo Left Me in Great Anticipation for the Game Release in January
Playing Around With the SIDUS HEROES Demo Left Me in Great Anticipation for the Game Release in January SIDUS HEROES is the first ever WebGL, AAA-level, Play-to-Earn, NFT and MMORP
Report: Withdrawal Limits for Egyptian Travelers Lowered as Banks Seek to Conserve Scarce Forex
Report: Withdrawal Limits for Egyptian Travelers Lowered as Banks Seek to Conserve Scarce Forex According to a report, some Egyptian banks recently informed clients who plan to tra
Bitcoin dips as ETFs break 19-day green streak, rumble over US inflation
Jesse Coghlan2 hours agoBitcoin dips as ETFs break 19-day green streak, rumble over US inflationTraders are seemingly going risk-off ahead of a U.S. CPI print and a Fed monetary policy meeting, with Bitcoin falling to a
China Issues Digital Currency Guide for Party Cadres
China Issues Digital Currency Guide for Party Cadres Understanding a complex subject should be easier with access to educational materials. With blockchain and CBDC now part of B