Konstantin Ignatov, brother of the so called Crypto Queen Ruja Ignatova, who founded the infamous OneCoin crypto scam, pleaded guilty to charges of money laundering and fraud. According to the latest data compiled by the investigators, the OneCoin Ponzi scheme has attracted in total over 5,15 billion USD from investors in countries like the U.S., China, UK and Uganda. Ignatov, who signed a plea deal document on October 4th was arrested in March at the Los Angeles International Airport. The deal also suggest that Ignatov could apply to the US witness protection program and be assigned a new identity, because his testimony to the U.S. authorities might lead to threats against him and his family. I hope he's rolling over on all the other people involved at least.
Can you blame them? Cryptards deserve it. $5 billion....... Total morons. I have extensive experience with virtual currencies from playing pay to play video games. It always ends the same. There are always security breaches/hacks/abuse/exploits. People get their accounts/coins hacked or stolen by corrupt administrators. The means of exchange are run by criminals (chinese/eastern europeans/russians). There are huge amounts of secret and illicit dealings. The currency is debased. (always) Also, it's almost always the case that the issuer is involved with the criminals. OneCoin, "private blockchain" LOL
The OneCoin scam has been going on for years but some people just kept believing in it, I don't understand that.