New Multi-Billion Crypto Scam Was Cracked Down in Singapore

Crypto scam is something that keeps the whole crypto world in fear. No one wants to get involved in it or, what is much worse, suffer any losses. Thus, the police forces of different countries try their best to slam any possible scam. In our case, the Singapore Police Force (SPF) did their best in finding culprits of the latest multi-billion dollar OneCoin pyramid scheme. Let us look at the details.

According to the report made by The Business Times, the SPF charged two men who were allegedly promoting cryptocurrency OneCoin, one of them is also indicted in incorporating a firm called One Concept Pte that was used to promote fraudulent crypto.

The fake crypto was created by the siblings – Konstantin Ignatov and Ruja Ignatova – from Bulgaria in 2014. They were two leaders of this crypto campaign, however, as time passed, Ruja disappeared from the main stage and Konstantin gained a top position in OneCoin project.

However, the latter was arrested at the Los Angeles International Airport on March 6, Konstantin’s initial hearing will be held at the end of the month. The United States Attorney’s Office for the Southern District of New York found the OneCoin project as a “pyramid scheme” and cryptocurrency OneCoin as a fraudulent.

The representative of the FBI stated:

“Unlike authentic cryptocurrencies, which maintain records of their investors’ transaction history, OneCoin had no real value. It offered investors no method of tracing their money, and it could not be used to purchase anything.”

The criminals lured their victims through online educational courses, they offer tokens to the people after purchasing the courses. These tones could be used in ‘mining’ OneCoins.

In recent years, the number of crypto scams is constantly rising, so, please, be careful with the projects you invest in.

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