OneCoin's creators were arrested
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An American district attorney issued an arrest warrant for the founders of the international cryptocurrency pyramid, which created a digital currency called 'OneCoin'. The announcement was published by the district attorney's office in the southern district of New York on March 8.

The founders and leaders of OneCoin, Konstantin Ignatov and his sister Ruja Ignatova, were arrested on March 6, 2019 in Los Angeles. The siblings were accused of "fraud related to securities and money laundering".



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The history of the construction of the pyramid
OneCoin was established in 2014 and had its headquarters in the capital of Bulgaria, Sofia. The project acted as a marketing network through which members receive commissions for attracting other potential investors who would buy "cryptocurrency" packages. The OneCoin network is said to be more than three million participants around the world.

When Ignatov was asked at a meeting with investors in Las Vegas, when OneCoin members can "withdraw" their coins, he replied:

"If you're here to withdraw money, leave this room now because you do not understand what this project is."

Commenting on the charges, Prosecutor Geoffrey S. Berman said:

"We suspect that the accused have created the company's" cryptocurrency "entirely based on lies and deceit. They promised big returns and minimal risk, but this business was a pyramid based on nothing (...). Investors have become victims when the defendants [have already been appropriately] enriched. "

The investigation has shown that between the fourth quarter of 2014 and the third quarter of 2016, OneCoin generated EUR 3,353 billion (USD 3,769 billion) of the proceeds from the sale of the said packages. Profits totaled 2,232 billion euros (USD 2 509 billion).

New York District Prosecutor Cyrus R. Vance, Jr. stated that "accused [i.e. siblings Ignatov] created a classic pyramid system [based on] a modern platform, threatening the integrity of the New York financial system and robbing investors of billions [USD]. "

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