OneCoin’s legal chief pleads guilty to headquarters corruption and massive cryptocurrency scam
The legal chief of OneCoin, Irina Dilkinska, has admitted to committing money laundering and wire fraud activities, making her the latest name in cobbles leading to one of the largest cryptocurrency scams in history. Dilkinska’s guilty plea is a key development in the ongoing unraveling of the fraudulent cryptocurrency scheme, OneCoin.
Irina Dilkinska Faces a Decade in Prison
Dilkinska could be facing up to ten years in prison due to her involvement in OneCoin infamous activities, implying the severity of her confessed crimes. This concedes that she was an instrumental part of the illicit operations, aiding in the laundering of $110 million in illegal profits generated through OneCoin.
Extradition and Charges
Previously charged in March and extradited from Bulgaria to the United States, Dilkinska has since been held accountable for her actions. Her involvement comprised of assisting in the daily operations of the fraudulent firm and perpetuating fraud on a massive scale.
Inside the One Coin Scandal
OneCoin, the brainchild of OneCoin Ltd and OneLife Network Ltd, was a carefully crafted bogus cryptocurrency scheme that snaked its deceitful tendrils into investors’ wallets. The fraud was so sophisticated that it involved a database entry scam, with no mining activity conducted to support the cryptocurrency. This fundamentally broke one of the main tenets of cryptocurrencies — the existence of an open, publicly verifiable ledger or Blockchain.
From late 2014 to late 2016, OneCoin egregiously amputated over $4 billion in sales revenue from approximately 3 million investors worldwide. The scale and outreach of this scam make it one of the most noteworthy crypto-scams to date.
‘The Cryptoqueen’ Vanishes
As the web of deceit untangled, the OneCoin founder, Ruja Ignatova, notoriously known as “The Cryptoqueen,” went on the run in 2017. Ignatova remains elusive, with the Bulgarian authorities claiming her to be murdered in 2018, a claim yet to be definitively proven. Her co-founder, Karl Sebastian Greenwood, however, did not manage to escape the legal hammer and was handed a 20-year prison sentence.
The US authorities are still on the hunt for Ignatova with a significant reward of up to $250,000 being offered by the FBI for information on her whereabouts. This situation underscores how seriously law enforcement treats such fraudulent activities in the rapidly developing crypto space.
Sentencing Awaiting Dilkinska
While Ignatova remains at large, Dilkinska is set to face the music sooner, with her sentencing slated for February 14, 2022. This sentencing will be a partial milestone in achieving justice for investors defrauded in the massive crypto-scam.
The OneCoin scandal serves as an emphatic warning bell in the crypto space, reminding us all of the potential pitfalls in this swiftly-evolving digital frontier. It underscores the need for comprehensive global regulations and investor education to prevent such wide-scale abuse and deception in the future.