The One Coin Scam
So, there was this big mess with a fake cryptocurrency called OneCoin. Imagine it like a video game money, but people thought it was real and could make them rich but they didn’t knew that they are falling in a new trap of one coin scam.
The Legal Boss in Hot Water
The person who was in charge of making sure One Coin followed the rules, Irina Dilkinska, got in big trouble. She’s 42 years old and was supposed to stop bad things from happening but ended up helping them do bad things instead.
Trouble Time
A judge decided that Irina had to go to prison for four years because she helped move a lot of money that wasn’t supposed to be moved. The judge also said she needs to give back $118.4 million. That’s a lot of money, right? So we just have to wait how will she pay this money back and when will the users who fell into this one coin scam get their money back.
Big Scheme
One Coin was a deceptive scheme, not a genuine cryptocurrency or investment opportunity. It falsely promised individuals that they could earn a lot of money by convincing their friends to also invest in One Coin. However, there was no legitimate profit to be made because One Coin didn’t have any real value or backing; it was entirely fabricated. Despite being fake, this scheme managed to fool people worldwide into giving away a total of $4 billion, thinking they were investing in a profitable cryptocurrency.
The Missing Boss
The main person who started One Coin, Ruja Ignatova, vanished in 2017. It’s like she just disappeared into thin air when people started asking too many questions. Now, she’s on a list of people the FBI really wants to find.
Others in Trouble Too
Irina wasn’t the only one who got caught. Karl Greenwood, another big boss of OneCoin, got 20 years in prison. And Mark Scott, who helped move the fake money around, also got 10 years.
Asking for Kindness
Irina spent a year in a not-so-nice prison before the judge decided what to do with her. She told the judge it was really tough and hoped he would be a bit kinder because of that. The judge agreed a little and said her time in the tough prison was something to think about.
Check Are Scam Losses Tax Deductible ? 2024
The End of the Story
So, that’s the story. It’s a big reminder to be careful with money stuff online. Some offers that sound too good to be true usually are. And now, a lot of people are working hard to fix the mess OneCoin made.
Sources https://www.livemint.com