Former OneCoin Cryptoqueen Employees Charged With Money Laundering In German Court


Summary:

  • A Munich lawyer and a couple are accused of banking crimes and financial fraud in Germany.
  • Prosecutors allege the three are associated with Ruja Ignatova, founder of the multi-billion dollar cryptocurrency scam OneCoin.
  • The crypto pyramid scam generated more than $3.3 billion in revenue between 2014 and 2016, according to reports.

Three people allegedly part of the OneCoin cryptocurrency pyramid scheme went on trial for the first time in a German court on Tuesday, Bloomberg reported.

Prosecutors claimed the three, including a Munich lawyer and a couple, were associates of OneCoin founder Ruja Ignatova, also known as Cryptoqueen after the company was exposed as an international fraud operation of several billion.

The charges are based on banking crimes, fraud and money laundering allegations. According to Tuesday’s report, the lawyer allegedly handled asset deals worth $19.7 million (20 million euros) on behalf of Ignatova who is wanted by authorities and at large at the time. to press.

Two other people identified as husband and wife are accused of facilitating €320 million in payments from OneCoin customers over a 12-month period.

OneCoin – Cryptoqueen’s multi-billion dollar pyramid scheme

Indeed, the Ignatova pyramid scheme remains one of the biggest scams in crypto history. The Cryptoqueen built its illicit wealth by touting OneCoin in 2014 as a high-growth digital asset when in fact the token was a scam, German prosecutors said on Tuesday.

Ignatova claimed that market mechanisms were in charge of the market value of the token and that OneCoin was heavily mined. The prosecutor called the pitch fake and said, “In reality, the ever-increasing value was a fake, and the mining process was only simulated by the software.”

Between 2014 and 2016, OneCoin generated over $3 billion in revenue before Ignatova went underground in 2017. The Cryptoqueen has not been seen since then and continues to elude law enforcement.

Ignatova has been charged with wire fraud by US prosecutors. German authorities are continuing to investigate the case as of press time.

The operation remains one of many crypto scams plaguing the booming digital asset industry. Authorities like the United States Securities and Exchange Commission have also launched investigations into people like Ian Balina for possible securities fraud and violations.

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