OneCoin Website Ceases Operations As Authorities Zero In On the Scammers

The infamous crypto Ponzi scheme OneCoin website has gone offline several months following US government officials indicted one of the key suspects involved in the scam, Cointelegraph reports. According to MLM scam monitor, OneCoin did not return live results from Nov.30.

After investigations, an official from EurlD which hosts the registry’s domain revealed that the website has been offline following the ongoing criminal proceeding brought forward against OneCoin.

A written response from EurlD explained that the domain name is being investigated. The statement directed the interested people to go to their WHOIS to check the current condition of the company’s domain name.

This development is the most recent in a number of disclosures lately in the efforts to take down the OneCoin scam. The ponzi scheme was in operation for various years and stole money from investors to the tune of more than $4 billion.

Last month the investigators in collaboration with the prosecutors indicted a lawyer with close ties with OneCoin’s co-founder Ruja Ignatova. The prosecutors alleged that the lawyer was vital in helping Ignatova to launder the proceeds of the scam worth about $400 million.

OneCoin’s operations became suspicious in 2015 after Cointelegraph came up with an expose based on the research done by BehindMLM.

Following the expose, various governmental authorities across the world have warned their citizens against the scheme that promised innocent investors with huge returns for very few investments.

While Ruja Igantova remains on the run, her brother, Konstantin Ignatov, a fellow co-founder of the company, agreed that he was guilty for money laundering as well as fraud and could be jailed to about 90 prison years.

In the recent past, there have been cases of fraudulent crypto projects. Just this month, the developer of HEX cryptocurrency, Richard Hart, faced massive accusations and suspicions of a scam after he promised investors of free tokens including Bitcoin. HEX says it the inaugural blockchain paying high interest to its investors. Similarly, Chinese based IDAX crypto exchange closed its operations saying that its CEO had vanished with the keys to its cold wallets raising suspicion of fraudulent schemes.

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Author: Joseph Kibe

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