The co-founder of OneCoin pleads guilty, risking 90 years in prison

Konstantin Ignatov, co-founder of OneCoin, a well-known cryptocurrency-based scam worth several billion dollars, admitted his guilt. According to a report by the BBC on November 14, Ignatov signed a plea bargain on October 4th and now faces up to 90 years in prison. The news was made public on November 12th.

After being arrested at Los Angeles International Airport in March, Ignatov pleaded guilty to several charges, including money laundering and fraud. Although he faces up to 90 years in prison, he still has to be convicted and will not have to face further criminal charges for his role in OneCoin, except for potential tax violations.

The Ponzi OneCoin scheme has raised 4 billion euros

As previously reported, OneCoin is an "exit scam" note, like the famous BitConnect scam.

Founded in 2014, the Bulgarian-based company remains fully operational even today, despite investors accusing it of having raised 4 billion euros in a Ponzi scheme.

Ignatov rails against the co-founder of OneCoin Ruja Ignatova

Furthermore, Ignatov would have provided more details about his sister, co-founder of OneCoin Ruja Ignatova, also known as "cryptoqueen". While testifying in the trial against Mark Scott, who would help him recycle nearly $ 400 million through OneCoin, Ignatov said his sister got a passport and tickets for Austria and Greece.

Ignatov stated that Ignatova considered "haters"those who criticized OneCoin and feared that someone close to her would hand her over to the FBI. Ignatov also said he hired a private investigator to find Ignatova, adding that he hadn't spoken to her since she disappeared.

Looking for Ignatova

As reported by Cointelegraph, Ignatov stated that after his sister fled, security personnel accompanying him told him that Ignatova had met with Russian-speaking people. Matthew Russell Lee, founder of Inner City Press, said that Ignatov's sister informed him that he had the support and protection of a Russian citizen "rich and powerful", of which however the name is not known.