OneCoin Scam Might Value 3-4 Times More of Current Estimation, Says Expert

Jamie Bartlett, the head of the BBC’s The Missing CryptoQueen podcast, stated that the US government estimated the OneCoin multi-level marketing scam worth more than that. Earlier, the authorities speculated that the scam worth $4 billion. However, the paper dug out by Bartlett during his research reveals that OneCoin may have foul played $4 billion from just one continent, and the actual sum could be more than three or four times the current evaluation.

OneCoin is a cryptocurrency owned by private blockchain, which was founded by Ruja Ignatova. OneCoin is backed by OneCoin Ltd based in Dubai and OneLife Network Ltd in Belize. Since 2017, Raju Ignatova has been missing after OneCoin was widely suspected to be a scam. Another co-founder of the firm was Konstantin Ignatov, brother of Raju, who has been arrested in March this year at Los Angeles International Airport. He now is testifying as a witness for the government. The firm claimed to host more than three million users worldwide.

As per reports, OneCoin has formed several shell companies and filtered money in offshore bank accounts. US-based attorney Mark Scott has been working along with the firm in handling these illegal transactions. An estimation suggests that more than $400 million moves through illegally-generated funds. Mark has now been taken into custody and is on trial now.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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