Singapore Man Fined $72K for Promoting Crypto Ponzi OneCoin
Police said the man is the first to be charged under the Multi-Level Marketing and Pyramid Selling (Prohibition) Act.
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Jul 3, 2020 at 8:23 a.m. UTC
Jul 3, 2020
OneCoin was a digital currency scheme widely recognized as a fraudulent Ponzi scheme. Founded by Ruja Ignatova in 2014, it was marketed as a cryptocurrency, but in reality, lacked the fundamental blockchain technology characteristic of genuine cryptocurrencies. Instead of functioning as a decentralized ledger, OneCoin's transactions and coin creation were internally managed and opaque. The scheme promised significant returns and incentivized existing investors to recruit new participants. It garnered billions worldwide before authorities exposed its operations. The OneCoin scandal highlighted the risks of emerging digital currencies and the importance of thorough due diligence in the cryptocurrency sector.