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OneCoin scam co-accused Konstantin Ignatov settles with plaintiffs

OneCoin scam co accused Konstantin Ignatov settles with plaintiffs

OneCoin scam accused Konstantin Ignatov may not face have to spend 90 years behind the bars as plaintiffs have decided to settle the legal proceedings in the case. Konstantin was the primary accused in what was a massive crypto scam involving a fraud of $4 billion. He pleaded guilty and, if convicted, could have spent the rest of his life in the jail.

Donald Berdeaux and Christine Grablis were the leading plaintiffs in the case. Konstantin will not be pursued as a defendant in the scam after reaching agreement with the defendants. However, another primary accused, Ruja Ignatov, has escaped the clutches of the law.

Konstantin reaches agreement but Ruja Ignatov still on the run

Details about the settlement agreement between Konstantin Ignatov and plaintiffs are not yet available. However, legal proceedings will continue against the other main accused, Konstantin’s sister Ruja Ignatov.

OneCoin scam took the crypto industry by storm when it was first unearthed. What was looking like a legitimate investment on the surface turned out to be a farce. Fortunes of Ruja Ignatov, better known as ‘Crypto Queen,’ turned upside down when news broke out that a secret arrest warrant has been issued by the U.S. authorities.

Both Berdeaux and Grablis, on behalf of many other sufferers in the case, mentioned that the deal with Konstantin is fruitful, but other defendants would have to face the law. Victims from various nations suffered financial losses worth $4 billion.

Konstantin shared details about the OneCoin scam with the authorities

Since Konstantin Ignatov was the co-founder in the OneCoin scam, his insider access to the workings of the Ponzi scheme can provide vital clues. His statement against her now missing sister but also shared vital details about the fraud with the concerned authorities.

Earlier, his sentencing has been delayed for three months as the U.S. government requested the New York Southern District Court for some time. He stated publicly that her sister ran away in 2017 after buying tickets for traveling to Greece. His agreement to settle the case may pave the way forward for the arrest of Ruja Ignatov.

Gurpreet Thind

Gurpreet Thind

Gurpreet Thind is pursuing Masters in Electrical Engineering at University of Ottawa. His scholarly interests include IT, computer languages and cryptocurrencies. With a special interest in blockchain powered architectures, he seeks to explore the societal impact of digital currencies as finance of the future. He is passionate about learning new languages, cultures and social media.

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