An announcement for the same was published by the U.S. Attorney Office of the Southern District of New York on March 8. Reportedly, the founders and leaders on OneCoin, Konstantin Ignatov and his sister Ruja Ignatova were arrested on March 6, 2019, in Los Angeles.
“As alleged, these defendants created a multibillion-dollar ‘cryptocurrency’ company based completely on lies and deceit. They promised big returns and minimal risk, but, as alleged, this business was a pyramid scheme based on smoke and mirrors more than zeroes and ones. Investors were victimized while the defendants got rich. Our Office has a history of successfully targeting, arresting, and convicting financial fraudsters, and this case is no different.”
New York County District Attorney Cyrus R. Vance, Jr. stated
The U.S. Department of Justice charged a New York-based operator, Randall Crater of a purported cryptocurrency payment services firm My Big Coin Pay Inc. (My Big Coin), last month, with wire fraud and unlawful monetary transactions. As per the indictment, Crater conducted that four counts of wire fraud and three counts of unlawful monetary transactions, as well as misappropriated more than $6 million in investor funds for personal use.