Belize Accuses OneCoin Promoter of Illegal Trading
The government of Belize has issued a cease-and-desist order to one of the main promoters of OneCoin.
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May 30, 2017 at 3:15 p.m. UTC
May 30, 2017
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.