On March 6th, the US Federal Bureau of Investigation (FBI) arrested OneCoin ringleader Konstantin Ignatov at Los Angeles International Airport (LAX). The government alleges that he was one of several masterminds behind the multi-billion dollar crypto pyramid scheme. OneCoin has faced fines and criminal actions around the world – particularly in India, where 22 promoters have already been charged. China has also levied charges against promoters of OneCoin, while several central banks have issued warnings. OneCoin claimed to be a revolutionary cryptocurrency. Instead, according to one researcher, it used a simple SQL database rather than a true blockchain. OneCoin’s only
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