German Court Sentences Founders of OneCoin Crypto Scam to Jail
A German court in Münster has handed down sentences to the key accomplices involved in the OneCoin cryptocurrency fraud case. Frank Ricketts and his wife Manon Hubenthal, along with their lawyer, were convicted of amassing approximately €320 million from nearly 90,000 victims across Europe. Frank received a 5-year jail term, while Manon was sentenced to 4 years. The lawyer received a 2-year and nine-month prison sentence.
Seizure of Assets and Payments Ordered
The court ordered the seizure of assets from each defendant. Manon was ordered to pay €43,500, while Frank needed to pay nearly €1.2 million. The lawyer was asked to pay €627,000.
The Involvement of Ruja Ignatova
The couple entered into a contract with Ruja Ignatova, known as the ‘crypto queen,’ who spearheaded the OneCoin operation. Ruja attracted investors through grand events organized between 2014 and 2016. She is currently on the FBI’s top 10 most wanted fugitive list and has been wanted by Interpol since 2017.
Ruja’s Alleged Murder
In June 2023, reports circulated that Ruja was killed by a drug lord in Greece while on board a yacht. However, it is believed that the murder actually occurred in November 2018. The infamous drug lord Hristoforos ‘Taki’ Amanatidis allegedly murdered Ruja to cover up his involvement in the OneCoin scam.
Background of OneCoin Scam
OneCoin is considered one of the biggest cryptocurrency scams, raising around $4 billion. The unraveling of the scam began in 2016 after suspicions were raised. Investigations revealed that transactions totaling €320 million were transferred within a week, benefiting the couples with millions in commission.
US Department of Justice Charges
In June 2023, the US Department of Justice filed charges against Irina Dilkinska, a Bulgarian woman involved in the OneCoin Ponzi scheme. She was charged with wire fraud and money laundering, each carrying a maximum potential sentence of 20 years in prison.
Hot Take: OneCoin Crypto Scam Ends in Jail Sentences
The founders of the OneCoin cryptocurrency scam have finally faced justice as a German court sentenced them to jail. This case highlights the scale of the fraud, with millions of euros amassed from victims across Europe. The involvement of Ruja Ignatova, known as the ‘crypto queen,’ adds intrigue to the story, especially considering her current status as a wanted fugitive. The unraveling of this massive scam sheds light on the need for increased regulation and vigilance in the cryptocurrency industry to protect investors from such fraudulent schemes.
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