Leader Of Billion-Dollar Crypto Fraud Arrested In US

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US Federal agents arrested Konstantin Ignatov, the top leader of an international pyramid scheme that stole billions from investors through the marketing of a fraudulent cryptocurrency called OneCoin.

Konstantin Ignatov was arrested on wire fraud charges at Los Angeles International Airport, the U.S. Attorney’s Office in New York said.

Ignatov and his sister Ruja Ignatova – the founder and original leader of OneCoin – were indicted with charges of wire fraud, securities fraud, and money laundering offenses. Ruja Ignatova remains at large.

The U.S. Attorney for the Southern District of New York Geoffrey S. Berman said the siblings created a multibillion-dollar “cryptocurrency” company based completely on lies and deceit. “They promised big returns and minimal risk, but, as alleged, this business was a pyramid scheme based on smoke and mirrors more than zeros and ones. Investors were victimized while the defendants got rich, he added.

New York County District Attorney Cyrus R. Vance, Jr. accused them of compromising the integrity of New York’s financial system and defrauding investors in billions.

Read the original article here: rttnews.com

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