US Court Postpones OneCoin Crypto Scam Sentencing

The sentencing for the co-founder of the major crypto scam OneCoin has been postponed for a further three months by the US Court, as we can see in the crypto news updates today. On April 7, the New York Southern District Court approved a motion to adjourn the sentencing control date for Konstantin Ignatov, brother and accomplice of the OneCoin co-founder and current fugitive, Ruja Ignatova (known as the “Cryptoqueen”).

Ignatov’s sentencing date will now take place on July 8, 2020. It was originally set for April 8 but the new update shows a new data.

As reported in our Bitcoin scams before, the US Court postpones the crypto scam – being one of the industry’s most infamous exit scams. Founded in 2014, the Bulgaria-based firm remained fully operational until late November 2019, despite the ongoing criminal proceedings in the wake of the allegations that it had raised (with frauds) – totalling to 4 billion euro ($4.4 billion) in a Ponzi scheme.

Following the arrest of Ignatov at the Los Angeles International Airport in March 2019, we could see how he pled guilty to participating in the multi-billion dollar fraud in fall 2019. He now faces up to 90 years in jail.

Meanwhile, the Bitcoin scams news show that as the US Court postpones the OneCoin sentencing, the sister of Konstantin known as the “Cryptoqueen” is still on the run. However, Konstantin has served as a cooperating witness in the trial against Mark Scott, a lawyer who allegedly helped launder around 0 million via the scam.
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In a letter from April 6, the US government claimed that Ignatov’s cooperation was “not yet complete” and with requesting adjournment, the government sought to unseal a series of documents. They also noted that the defence had consented to its application.

As we reported before, Ignatov has previously testified that after his sister had fled, the security personnel that accompanied her told him that she had met with Russian speakers. According to one investigative journalist, Ignatova claims to have the support and protection of an unnamed “rich and powerful” Russian individual.

However, the US Court ruled out many accomplices to Ignatova. Besides her brother, another individual named Mark Scott was found guilty of helping her launder the ill-gotten OneCoin funds via a wide network of fake companies, offshore bank accounts as well as sham investment schemes.