Alleged employees of Cryptoqueen are before the German fraud court

Three people in Europe facing criminal charges over their role in the multi-billion dollar international scam of OneCoin founder Ruja Ignatova appeared in a German court this week.

Those employees, including a Munich lawyer who worked for the fugitive businesswoman known as “Cryptoqueen,” are accused of fraud, money laundering and banking crimes, according to a new report from Bloomberg. The said Munich lawyer reportedly transferred $19.7 million across the Cayman Islands on behalf of crypto queen Ignatova to buy two apartments in London.

The crypto queen’s other two alleged associates are a married couple accused of managing $314.72 million in OneCoin customer funds. The latest trial in Germany is one of many trials in Europe against those accused of being involved in the multi-billion dollar scheme.

“In reality, the ever-increasing value was fake and the mining process was only simulated by the software,” prosecutors said. OneCoin was a scam according to prosecutors in the German court. They said Ignatova deceived her clients by claiming that OneCoin is a crypto company and that it is value dependent on market mechanisms that the company can track or monitor.

Launched in late 2014, OneCoin was promoted as a cryptocurrency by Bulgaria-based offshore companies OneCoin Ltd and OneLife Network Ltd. Although advertised as crypto, it was not a decentralized cryptocurrency but a centralized currency hosted on OneCoin Ltd servers.

US prosecutors claimed the Ponzi scheme amassed $4 billion, with The Times describing the operation as “one of the biggest scams in history.” The company claimed to have over 3 million global members. Prosecutors revealed to a US court in 2019 that OneCoin operated as a multi-level marketing network that awarded its members commissions for their recruitment efforts.

The whereabouts of the crypto queen have been unknown since 2017. Her name is now on the FBI’s and Europol’s Most Wanted Lists. After the crypto queen left the company and disappeared, her brother Konstantin Ignatov took over the business and pleaded guilty to fraud and money laundering in 2019.

In August, a British judge approved the extradition to the United States of Christopher Hamilton, an alleged accomplice of the crypto queen.

Related Articles

https://www.ibtimes.com.au/cryptoqueens-alleged-associates-face-german-court-fraud-1839731?utm_source=Public&utm_medium=Feed&utm_campaign=Distribution Alleged employees of Cryptoqueen are before the German fraud court

Fry Electronics Team

Fry Electronics.com is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – admin@fry-electronics.com. The content will be deleted within 24 hours.

Related Articles

Back to top button