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OneCoin scam: Ignatov’s sentence to be adjourned
OneCoin scam: Ignatov’s sentence to be adjourned
Blockchain

OneCoin scam: Ignatov’s sentence to be adjourned

By Marco Cavicchioli - 7 Apr 2020

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A further three months were requested before sentencing the former leader of OneCoin Konstantin Ignatov. 

This is what State Prosecutor Geoffrey Berman wrote to Judge Edgardo Ramos, saying that Ignatov has not yet finished his cooperation with the police

The date for the judge’s possible ruling is set for April 8th, 2020 (tomorrow), but if the judge accepts this request, it will be postponed by about three months. 

In fact, the case, which is being conducted at the Southern District Court of New York, seems to be proceeding slowly, and there is very little information about it, such as what Ignatov testified in the trial against another OneCoin promoter, Mark Scott

It is possible that the request to delay the sentence by another three months may be an attempt to extrapolate more information from the defendant, perhaps to find out where his sister, Ruja Ignatova, the founder of OneCoin and currently unaccounted for, is hiding. 

Ignatov was arrested about a year ago and is accused of fraudulent conspiracy, a crime for which he faces up to 20 years in prison. Inner City Press reports that he was released on March 13th.

OneCoin was the project created by his sister, but Konstantin took a high-level position at the end of 2017, becoming its leader in mid-2018. 

In October 2019, Ignatov settled the deal by admitting his faults, including money laundering and fraud. 

It would appear that more than 3 million people around the world have let themselves be seduced by the promises of significant gains that convinced them to invest significant amounts in OneCoin. 

However, the hypothetical cryptocurrency of this project has never landed on the crypto markets, to the point that it is suspected that it is not even a real cryptocurrency, but a totally centralized ledger, cleverly controlled by its creators and managers. 

In total, this initiative would have yielded more than $4 billion, essentially raised on the basis of promises that later turned out to be unfounded. 

In the US, there are numerous lawsuits against the creators, managers and promoters of OneCoin. 

Marco Cavicchioli
Marco Cavicchioli

Class 1975, Marco teaches web-technologies and is an online writer specializing in cryptocurrencies. He founded ilBitcoin.news, and his YouTube channel has more than 25 thousand subscribers.

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