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   937

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.

Diffusion 2019 to Gather Crypto Hackers in Berlin

World most interesting tokenised protocol teams joined forces to create one of the biggest devconf in the world
20 September 2019   103

19th-20th October 2019, Berlin, one of the IT capitals of the world, will gather representatives of blockchain, AI, IoT and Big Data industries across the globe. 350 developers are going to test their skills, by hacking with 25m+ lines of open source code. Thousand of prizes awaits the winners.

This two-day event will focus on the practical application of open-source distributed ledger technology, smart contracts, machine learning and programmable tokens, to create a new data layer.


Diffusion 2019 Attendants
Diffusion 2019 Attendants

The conference will last for two days and is focused on the practical usage of open-source blockchain technology, machine learning, programmable tokens and smart contracts with a goal to create a new data layer. 

If you are not a skilled programmer, you will find what to do, Join panels, chats, workshops. Discuss the latest topics, such as token economics, blockchain for enterprise, AI, deep learning and more. Whether you are a dev, work in IT or tech industry, geek or just interested all that new - this is a place for you. You will be able to discuss things and share knowledge with lead developers, professors, start-upers and CEOs.

Part of Diffusion 2019 Attendants
Part of Diffusion 2019 Attendants

The event will take place at the Factory Berlin.

Hype.Codes team is happy to report that our journalist is going to the Diffusion 2019 too! Anton will provide you, our dear readers, with the freshest news and announces straight from the Factory.

Also, check out the latest conference's partnership with ETHBerlin.

And now the most interesting thing. You will be able to to take part in a hackathon for free!

Apply for free place at Hackaton now!

Not a coder, but still want to attend an event? 

Get your ticket here!