Co-founder of major crypto exit scam One Coin escapes 90-year jail term as plaintiffs decide to settle.

Konstantin Ignatov, the co-founder of major cryptocurrency exit scam, OneCoin, initially faced up to 90 years in jail after pleading guilty in November 2019.

The co-founder of major cryptocurrency exit scam, OneCoin, Konstantin Ignatov, initially faced up to 90 years in jail after pleading guilty in November 2019 for his role in the scam. Now, however, it seems that Ignotov is no longer one of the key defendants in legal actions brought by victims of the $4 billion scam. OneCoin investors representing plaintiffs Donald Berdeaux and Christine Grablis have agreed to settle with the co-founder. 

 

The key accused in the crypto scam Ruja Ignatov is still on the run. 

As the details of the court settlement remain unclear, court documents indicate that the case will continue to target another key OneCoin figure Ignatov’s sister and business partner, Ruja Ignatova. Ruja Ignatov also referred to as “Crypto Queen”, went missing in 2017 after a secret U.S. warrant was filed for her arrest. In representing all investors who suffered major financial losses in the $4 billion scam, plaintiffs Berdeaux and Grablis said they are still “not impeding” further prosecution against other defendants. Earlier this year, the court had warned plaintiffs that the class-action lawsuit could be dismissed unless they provided good reasons for not doing so. 

 

The co-founder provided authorities with the details of the scam. 

Earlier, the New York Southern District Court also postponed Ignatov’s sentencing for three months at the request of the U.S. government. The exact reasons for settling the case are not clear so far, but Ignatov is known for speaking against his missing sister. Later last year, Ignatov told authorities that her sister obtained a passport and tickets to Austria and Greece from her home in Bulgaria before disappearing in 2017. Ignatov also allegedly hired a private investigator to find the mastermind of the scam, but he claims not to have spoken to her since she disappeared. 

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Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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