According to the reports of FBI on March 08, 2019, OneCoin is a Multibillion-Dollar Pyramid Scheme swindling many investors. The reports claimed that, Konstantin, and his partner have been apparently selling the fraudulent cryptocurrency worldwide.
As per the previous reports, 22 promoters are accused for selling the scam ‘OneCoin’ in India. Not only in India but also China and other central banks warned OneCoin team on scamming the investors with nearly $4 billion.
The coin was found in 2014 at Bulgaria. The company offered users a commission if they could convince others to buy OneCoin cryptocurrency. Following the similar pattern of a multi-level marketing scheme. It seems to have more than 3 million members across the world, despite having no functional blockchain or public ledger.
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https://coinpedia.org/news/onecoin-founder-arrested-crypto-scams/
