OneCoin financial pyramid: convicted lawyer, sought after “Cryptoqueen”
Dangerous Consequences of the OneCoin Cryptocurrency Scam
Irina Dilkinska, former Chief Legal Officer and Compliance Head at OneCoin, has been sentenced to 4 years in prison for her involvement in a $4 billion cryptocurrency fraud. Edgardo Ramos from the Manhattan District Court ordered Dilkinska to repay over $111 million in illegal profits. This is just one of many dramatic episodes in the scandalous history of fraudulent activities associated with OneCoin.
OneCoin – a Financial Pyramid, Not a Cryptocurrency
Initially touted as a cryptocurrency, OneCoin turned out to be nothing but a cover for a financial pyramid scheme. The company lured investors with promises of high returns for purchasing educational packages containing so-called “OneCoins.” It is yet another example of how easy it is to fall into the traps of fraudsters in unregulated financial markets.
Money Laundering and Illegal Financing Sources
By admitting her involvement in the fraud in November 2023, Irina Dilkinska faced charges of conspiracy to commit wire fraud and money laundering. As established during the trial, she actively participated in money laundering for OneCoin, transferring an astronomical sum of $110 million to an offshore company in the Cayman Islands, aiding in concealing the illegal source of financing.
Consequences for the Scammers
The OneCoin scandal did not go unpunished for other accused individuals. Mark Scott, a key member of the organization, was sentenced to 10 years for laundering $400 million, while Karl Sebastian Greenwood received a 20-year prison term and a $300 million confiscation. All members of the financial pyramid are now paying for their crimes.
Ruja Ignatova – the Fugitive “Crypto Queen”
However, one of the main figures, Ruja Ignatova, is still evading capture. Dubbed the “Crypto Queen,” Ignatova has been on the FBI’s Ten Most Wanted list since 2022. Her apprehension would be a significant step towards bringing all those responsible for this scam to justice.
Lessons Learned and Warnings for Investors
The OneCoin scandal serves as a clear warning for all investors about the risks associated with unregulated cryptocurrency markets. Tighter supervision and stricter regulations are necessary to protect investors from similar scams. At the same time, the case highlights the importance of making informed investment decisions and maintaining a healthy approach to profits and risks in the cryptocurrency market.
