The authorities of Singapore authorities have charged two men who were promoting the cryptocurrency multi-level marketing (MLM) scheme OneCoin, according to a report made by local daily news outlet The Business Times on April 10.

The two unnamed men that were charged were allegedly involved in activities that incorporated a subsidiary to promote OneCoin, “as well as signing up new members and taking investments in return for education courses and OneCoin tokens”.

This is the latest in a series of cases that involve OneCoin, a cryptocurrency scam that operated for a few years and gathered huge profits before the United States law enforcement indicted the two Bulgarian founders in March.

“The promotional tokens could be used to ‘mine’ for OneCoins,” stated the Commercial Affairs Department of the Singapore Police Force, continuing that: “Participants who brought in new participants were also entitled to overriding commissions in contravention of the Multi-Level Marketing and Pyramid Selling (Prohibition) Act.”


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