$2.3 bln OneCoin Alleged Ponzi-Scheme: China Prosecuted Final Suspects

$2.3 bln OneCoin Alleged Ponzi-Scheme: China Prosecuted Final Suspects

Remember OneCoin? A project which received much support at the dawn of the cryptocurrency history? The one that started facing investigation regarding its scamming core in December 2016? The news about it is back! However, with no good perspectives for itself.

Chinese prosecutors charged final suspects in $2.3 billion OneCoin investigation, and here are the freshest details.

Our top trading bots

The Case Will Soon Come To An End?

In accordance with the Justice Network, the Chinese local media outlet backed by the country’s authorities, the last four suspects in OneCoin investigation were prosecuted. As it is known, this case started out over two years ago and is aimed at finding out whether OneCoin was a pyramid scheme or not. The suspects, by the way, were prosecuted in Hunan Province, China.

There, the Zhuzhou Country Procuracy probed 106 people, whereas 98 individuals were publicly prosecuted.

In the course of the investigation, the Chinese prosecutors recovered about $266 million (1.7 billion yuan) from more than 20 country’s provinces. The people, who were prosecuted, faced fines and imprisonment. In particular, they had to pay around $1,500-$782,000 (10,000-5 million yuan) as well as spend four years in jail.

Two years ago, authorities in China had already confiscated more than $30 million in the frames of their probe over the alleged pyramid machination.

New Details: $2.3 Billion Worth Case

According to the report, OneCoin’s organization in China was called “Weika Coin,” but its server was situated in Denmark. This organization functioned by continually “induc[ing] new investors to realize imaginary high profits” by fraudulently campaigning for the tokens’ worth and baiting others to pile immense amounts into its launched site.

OneCoin – the alleged pyramid scheme, also known as MLM organization – perhaps, had 27 fund pool accounts. Moreover, it had more than 140 member levels of different costs, as well as more than 2 million registered users situated in China on the whole.

As the Justice Network emphasized, the sums, engaged in the machination, constituted over $2.3 billion (15 billion yuan) .

Old Findings

Last year autumn, by the way, Italy imposed a massive fine on OneCoin, worth 2.5 million euros. That happened after the Italian Antitrust, and Consumer Protection Authority named this organization a “Ponzi scheme.”

Interestingly, this year January, on orders from German prosecutors, Bulgarian law enforcement officers on par with the EU crime withstanding units raided the organization’s office in Bulgaria. Despite the fact that 50 witnessed were examined at that time and documents and servers were impounded, no arrests took place.

OpenSea’s team of 37 staff are currently handling 98% of combined NFT volumes
OpenSea’s Head of Product Nate Chastain posted a plea for help, revealing the popular marketplace currently comprises just 37 people despite currently processing...
Record network activity and a second NFT boom send WAX price higher
Just a few days before Bitcoin (BTC) price plunged below $30,000, the NFT sector was dominating headlines for the second time in 2021, led by a month-long 972%...
UAE to experiment and launch an in-house digital currency
The United Arab Emirates becomes the latest country to join the race for experimenting with an in-house digital currency. According to the three-year plan...
JPMorgan report: Eth2 could kick-start $40B staking industry by 2025
The launch of the energy efficient Ethereum 2.0 network will popularize the proof-of-stake consensus mechanism and make staking yields a more attractive...
Bitcoin Taproot locked in to improve privacy and introduce smart contracts
On June 12, Bitcoin (BTC) mining pool Slush Pool mined block 687,285 with the transaction including a Taproot upgrade activation signal. That particular...
Bitcoin price relatively stable after brief breach of $35,000
By Samuel IndykInvesting.com – The price of Bitcoin briefly broke above $35,000 in the early hours of Friday morning before paring back slightly as traders...
Ethereum’s ‘London’ hardfork set to go live on testnets starting June 24th
The hotly anticipated “London” Ethereum hardfork now has a set block height for three Ethereum testnets — a key penultimate step towards a full mainnet...
DOGE vs BTC: Elon Musk declares crypto ‘space race’ with BitMEX has begun
A 21st-century space race appears to be brewing between Elon Musk and BitMEX, with both parties pledging to launch their respective crypto of choice to...
A London tour guide: What the EIP-1559 hard fork promises for Ethereum
Ether (ETH) has been on a tear recently, with the premier altcoin’s value increasing from $1,800 to the peak of $2,480 since the start of April, showcasing...
Yearn Finance reveals ‘Coordinape’ decentralized grant distribution platform
Yield vault protocol Yearn Finance has revealed today the details of “Coordinape,” a new platform for distributing the $40,000-per-month Yearn DAO community...
Price analysis 3/24: BTC, ETH, BNB, ADA, DOT, XRP, UNI, THETA, LTC, LINK
On March 24, Tesla CEO Elon Musk announced that U.S. buyers are now able to purchase Tesla vehicles with Bitcoin (BTC). Musk also tweeted that Tesla will...
Winklevoss May Soon Start Running Their Cold Crypto Storage
‘No luck in dying, there will be luck in love, ‘ the old saying tells. The same, it seems, is happening to early bitcoin investors Cameron and Tyler Winklevoss....
New Crypto Hanacoin to Be Launched on June 12
As the world is expecting four countries – South Korea, North Korea, the US, and China – to fashion a peace agreement at their Singapore meeting, new crypto...
Amazon Partnering With a Startup To Bring Blockchain To Its Clients
Facebook is not the only tech titan that is looking into the blockchain and cryptos. Amazon, and its cloud computing arm, in particular, is considering...
Tech Giant Samsung May Soon Start Using Blockchain For Shipping Goods
The tech titan Samsung Electronics is examining the possibility of the blockchain use in the transportation of its commodities. Accordingly, the company...