Worse than BitConnect? Leader of Billion Dollar Cryptocurrency Pyramid Scam “OneCoin” Arrested360

The leader of a prolific cryptocurrency Ponzi scheme, OneCoin, was arrested and charged on Mar. 6th. OneCoin Ltd. claims to have 3 million members—or victims—worldwide and has generated over €3.3 billion in fraudulent sales. In reality, the OneCoin “cryptocurrency” did not use a blockchain at all while it scammed investors out of billions.

OneCoin Ltd. is a multi-level marketing network, proven to be a Ponzi scheme by investigators, where members receive commissions for recruiting others to purchase “educational materials” which come with attached sums of OneCoin. Materials from the company suggested that investors would earn five to ten-fold returns on their investments. As described by Manhattan US attorney Geoffrey S. Berman:

Original source
https://cryptoslate.com/worse-than-bitconnect-leader-billion-dollar-cryptocurrency-pyramid-scam-onecoin-arrested/

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