'Cryptoqueen' associates face German court over role in $4 billion OneCoin scheme

The whereabouts of "Cryptoqueen" Ruja Ignatova are still unknown, but accusations against OneCoin members are starting to pile up.< /p> New

Three associates of fugitive OneCoin founder Ruja Ignatova, known colloquially as "Cryptoqueen", have faced a German court over allegations of fraud, money laundering and banking crimes.

Appearing in court on October 18, a Munich-based lawyer linked to Ignatova allegedly transferred $19.7 million via the Cayman Islands on her behalf to buy two apartments in London. Additionally, a husband and wife face charges for allegedly processing $315.4 million in OneCoin customer payments, according to a Bloomberg report.

Ignatova launched OneCoin in 2014 under the guise of a cryptocurrency and exchange project, but according to law enforcement agencies such as the Federal Bureau of Investigation (FBI), it is It was quickly revealed that it was a pyramid scheme associating users with fictitious activities. and technical claims that were false, such as a token mining structure that was non-existent.

According to the FBI, the project defrauded more than 3 million investors out of approximately $4 billion, with prosecutors noting in German court that:

"In reality, the ever-increasing value was a fake and the mining process was only simulated by the software."

Ignatova's whereabouts are unknown as of 2017, her last known location believed to be in Athens, Greece.

In June, the FBI added her to its Ten Most Wanted list, offering up to $100,000 for information leading to her arrest. In addition to being wanted for more than $4 billion in fraud, his company has also been accused of bribing presidents in Serbia and Bulgaria by economist and crypto advocate Angelina Lazar.

The latest three OneCoin figures to face prosecutors add to the action taken against another alleged accomplice, Christo...