Bulgaria is again in the middle of the crypto world

Bulgarian authorities have raided the offices of OneCoin in Sofia in what could possibly be a telling blow against a long-running scam, according to bitcoin.com.

OneCoin is nominally a cryptocurrency company. It has attracted a lot of investors worldwide because of its promises of high returns. However, the blockchain is entirely fictitious – CoinTelegraph announced the listing of OneCoin on coinmarketcap.com on the first of April last year, just to give you an idea of how well-regarded OneCoin is in the cryptocurrency world.

The operation was carried out by Bulgarian prosecutors, national security agents and an organised crime unit. Evidence was confiscated and around 50 people taken in for questioning, but no arrests have been made.

he Bulgarian prosecutor’s office said last week: “At present, companies associated with OneCoin Ltd. are being investigated in England, Ireland, Italy, the United States, Canada, Ukraine, Lithuania, Latvia, Estonia and many other countries.”

In July of that year, the FSMA of Belgium published a notice to the effect that OnceCoin is not regulated in the country, in response to ex-politician Laurent Louis who claimed on his Facebook page “pour la FSMA, le OneCoin ne pose aucun problème et n’est nullement illégal ni une arnaque” (“for the FSMA, the OneCoin is no problem and is not illegal or a scam”). Louis was a member of the Belgian Chamber of Representatives from 2010 to 2014, and banned from public office for six years in 2015 following allegations of slander. He began promoting OneCoin in 2016 and is estimated to have made between 100-200,000 euros from the scam. He was arrested and charged with pyramid selling, fraud, money laundering and violation of common and banking laws.

The FCA of the UK warned against the company after a report in the Daily Mirror told of a marketing event held in London, at which OneCoin promoters claimed to have created 300 millionaires in a year.

In July of 2017, Ignatova was arrested in India along with another 30 individuals, charged with running a scam involving thousands of investors. Indian police noted that OneCoin money was stored in 35 different bank accounts, and the majority of it was transferred to an unknown location shortly after the arrests were made.

The FMA of Austria, the IFSC of Belize, and the ICA of Italy have taken action against the company. Finnish authorities have been investigating it since 2015.

Source: Finance Magnates

Trader Bozhidar Arabadzhiev

Original Post: OneCoin Raided in its Hometown – Bulgarian Authorities to Question 50

Read more:

• Fake news isn’t just a problem for the public, it’s a problem for algos
• Jim Cramer: “It was all about the rise of the machines.”
• RISE OF THE MACHINES or why automated trading could create problems down the line
• JP. Morgan: The next financial crisis will be Flash Crash
• Robo-adviser Scalable Capital hits $1.2 billion