The Onecoin scam, a multi-level Ponzi scheme that acquired $4 billion from investors has been falling apart at the seams. Criminal proceedings have started against Onecoin leaders and one alleged associate who was found guilty of laundering $400 million has asked a New York judge for more time to process an acquittal motion. Additionally, according to testimony from Onecoin cofounder Konstantin Ignatov, the owner of the Phoenix Thoroughbreds was accused of stealing €100 million from the Onecoin Ponzi.
Also read: Onecoin Websites Suspended as the $4 Billion Ponzi Crumbles
Accused Onecoin Co-Conspirator Asks for Extension to Prepare Acquittal and Retrial Motions
Onecoin is a Ponzi scheme founded in 2014 by Ruja Ignatova, Sebastian Greenwood, and Konstantin Ignatov. For years the leaders, alongside a large group of associates, claimed Onecoin was a real blockchain and a legitimate cryptocurrency. However, many individuals, groups, and insiders revealed the true nature of the Onecoin beast, but it still managed to siphon $4 billion…