Scale of OneCoin Scam Unravels Amid Ongoing Court Hearings
Shiraz Jagati's original article for cointelegraph.com reduced by 50%
With each passing day, the financial nitty-gritty associated with the cryptocurrency-related OneCoin Ponzi scheme continues to become of increasing interest to members of the global crypto community. As part of the show, Bartlett and his team followed a trail of clues to track down Ruja Ignatova, who is widely credited as being the mastermind behind the entire OneCoin scam. At its core, the project was no different from any other multilevel marketing scheme, simply because, much like other MLM schemes, OneCoin too doled out handsome commissions to its members for on-boarding new recruits.
The prosecutors allege that Mark Scott, a U.S.-based attorney who had previously worked for reputed law firm Locke Lord LLP, helped Ignatov launder the bulk of the proceeds acquired through the OneCoin scam. Lee has been following the situation closely and has attended all of the recent hearings concerning OneCoin and the U.S. vs.
Scott trial. "Mark Scott's defense is that he didn't know that OneCoin, for example, had no blockchain. But his claims of not knowing that something was wrong are undercut by evidence he would only speak with Ruja Ignatova on a 'crypto-phone' and in some cases, only in person.
Scott traveled to Sophia and, according to cooperating witness Konstantin Ignatov, met with Ruja with nearly all other OneCoin staff told to go home for the day not witness or overhead anything." The executive also claimed that a lot of the market hype that OneCoin generated upon its release had crossed over to the Singapore scene and that Marcelo Carsil of Macenas, as well as an early Bitcoin developer, had been hired to work for OneCoin at one point.
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CN [too long; didn’t read]
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