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The OneCoin cryptocurrency project – accused by authorities of being a Ponzi scheme – may have attempted to boost its fortunes by using "inauthentic" accounts to place favorable reviews on TrustPilot and Quora, according to new research.The Digital Forensic Research Lab (DFRLab), an entity under U.S. think-tank the AtlanticCouncil, said
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Six months after the U.S. Commodity Futures Trading Commission (CFTC) filed a complaint against Control Finance, the regulatory agency is yet struggling to capture the mastermind behind the crypto pyramid scheme.Filed mid-2018, the CFTC accused Control Finance and its Director Benjamin Reynolds of defrauding naive investors through a fraudulent crypto
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The United States Commodity Futures Trading Commission (CFTC) is having trouble locating Benjamin Reynolds, who is allegedly responsible for a cryptocurrency Ponzi scheme worth over $140 million.Financial news outlet FinanceFeeds reported on Jan. 6 that the CFTC has filed a motion with the New York Southern District Court. More
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A United States court has granted regulators a preliminary injunction against an alleged Bitcoin (BTC) Ponzi scheme which reportedly defrauded investors of $11 million. In a filing with the United States District Court in Nevada dated Dec. 6, Judge Jennifer A. Dorsey ruled in favor of the Commodity Futures Trading
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United States authorities in New Jersey have announced the arrest of three men who are accused of defrauding investors of over $722 million as part of alleged crypto ponzie scheme BitClub Network, per a Dec. 10 announcement from the Department of Justice.The accusations against BitClub NetworkAccording to the press
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The website for cryptocurrency Ponzi scheme OneCoin has finally ceased operating, months after United States authorities indicted one of its founders for fraud.As MLM scam monitoring resource BehindMLM.com noted on Dec. 1, OneCoin.eu no longer returned a live result as of Nov. 30. “Legal investigation” offlines OneCoin.euUpon investigation, a representative
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Currently under investigation, OneCoin has become one of the most infamous cryptocurrency Ponzi scams. Despite that, OneCoin has denied all allegations of being a Ponzi scheme and is still operational despite the growing number of accusations and arrests of affiliated people.Mark S. Scott is a lawyer and former partner at
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The brother Ruja Ignatova, Konstantin Ignatov, has confessed to his involvement in the crypto fraud of OneCoin. He pleaded guilty to multiple charges such as fraud and money laundering.Authorities have concluded that over $4 billion was fraudulently raised internationally in what appears to have been a cryptocurrency Ponzi scheme. The
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The German Federal Financial Supervisory Authority (BaFin) has issued a cease and desist order to Karatbit Foundation to immediately stop unauthorized business in Germany. BaFin alleges that Karatbit Foundation is issuing the KaratGoldCoin (KBC) without the necessary license, according to a Nov. 11 announcement.Karatbit describes itself as a provider of
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Attorney Mark Scott was charged in August 2018 on the basis of laundering an amount of over $400 million in investors’ funds via a valueless cryptocurrency scam called OneCoin, and he’s currently standing trial.The transcript of the hearings held on September 13th last year was made public recently, a few
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