The founders of the cryptocurrency exchange based in Bulgaria, OneCoin have been recently arrested for promoting fraudulent activities. The founders of OneCoin, Mark Scott and Konstatin Ignatov was reportedly arrested on 6th March for encouraging people to invest in the pyramid schemes. Ignatove have reportedly stated, “If you are here to cash out, leave this room” when asked if the investment can be cash out.
The four suspects for alleged pyramid scheme OneCoin in China have been prosecuted as per the report published by a local press. During the investigation, approximately $30 million dollars has been seized by the Chinese police in 2016. In total, $2.3 billion funds reported having been involved as per the Justice Network.
The Bulgarian Special Prosecutor’s Office had been conducting an international investigation into business prospects behind the OneCoin virtual currency investment scheme. The Prosecutor’s office had been probing jointly with Eurojust and Europol. It is revealed that many material evidence were ceased and currently businesses associated with OneCoin Limited are being investigated.