China to Prosecute 98 Over Alleged $2B OneCoin Scam

According to the prosecutor said that the scheme involved up to 2 million victims
23 May 2018   788

In China, charges have been brought against the last four suspects in the case of the cryptocurrency pyramid, which allowed the perpetrators to collect $ 2 billion, CoinDesk reports.

According to a statement issued by the Supreme People's Procuratorate of China, the prosecutor's office of Hunan Province brought charges against four persons in connection with the case of the crypto "investment" scheme Weika Coin. Outside of China, it is known as OneCoin.

The statement says that the trial began in September 2017, and since that time the proceedings have already gone through three stages. The case totals 98 suspects, which are accused of deceiving investors from 20 Chinese provinces. Some of the accused have already received up to five years of imprisonment and fines ranging from 10,000 to 5,000,000 yuan (1,565 -783,000 US dollars).

According to the prosecutor, in China the scheme has 140 levels and consists of 7 main pyramids, the victims of which were 2 million people. The total amount of funds received from investors, according to the report, is 15 billion yuan (about $ 2 billion). About 1.7 billion yuan ($ 266 million) were returned.

The fight against the OneCoin crypto "investment" scheme, founded by Ruja Ignatova, is being conducted by the police and regulators not only of China, but also of other countries.

The authorities of India in April last year arrested several suspects associated with this scheme, and in July, they brought charges against Ignatova herself.

In addition, the Special Prosecutor's Office of Bulgaria recently joined the investigation of OneCoin's activities carried out by European and American counterparts.

Most Crypto-Optimists Live in Norway, Bitflyer Study

According to bitFlyer's poll on future of crypto, europeans believes cryptocurrency has future
24 April 2019   82

Most Europeans believe that in ten years digital currencies will continue to be in demand, but they do not have the same confidence about Bitcoin. This is reported by Cryptonews, citing a study of the bitFlyer.

10 thousand people from ten European countries took part in the online survey. Of these, 63% believe in a “bright future” cryptocurrency. However, not all Europeans are confident in the future of Bitcoin - only 55% believe that the first cryptocurrency will exist in ten years.

It is also noteworthy that, despite the fall in prices of most cryptocurrencies that lasted for almost a year, the majority of respondents positively assessed the prospects for the development of the market.

Most of the “crypto-optimists” turned out to live in Norway - 73% of the inhabitants of this Scandinavian country are convinced that a decade later, digital currencies will still be in society. This is followed by Italy (68%), the Netherlands and Poland close the top four (67% each).

The percentage of consumers who believe cryptocurrencies will still exist in 10 years’ time
The percentage of consumers who believe cryptocurrencies will still exist in 10 years’ time

But the exact form of cryptocurrency will exist, almost no one knows. Only 8% believe that they will become money, and 7% - a tool for investment or a means of preserving value.

The fact that Bitcoin is not generating as much support as other cryptocurrencies is in part a symptom of the market’s volatility, but is also a direct impact of the constant media attention that is associated to its volatility.

Andy Bryant

COO, bitFlyer Europe

He also added that the study demonstrated how much remains to be done to increase public awareness of the benefits and opportunities of cryptocurrencies.