The Bulgarian authorities decided to raid OneCoin in its hometown, Sofia. The massive operation was lead by prosecutors, national security agents and an organized crime unit. The decision came after a long-running scam took place for quite a while.
Juicy details about the raid
Information published on bitcoin.com, OneCoin attracted investors due to its high returns; however the blockchain used by the cryptocurrency was not real.
The listing of OneCoin on CoinMarketCap started on April 2017 and it was well-regarded in the cryptocurrency market.
Dr. Ruja Ignatova is the CEO of OneCoin and it has dual citinzenship: Bulgarian and German. In Germany, the fictitious coin was banned and the raid is said to have been ordered by the mentioned country.
Everything Bulgarian prosecutors, national security and organized crime units encountered was seized and over 50 people were taken in for questioning.
There were no arrests made and OneCoin remains operational because it is registered in UAE and it operates internationally.
The Bulgarian authorities gave more information
The Bulgarian authorities declared that companies associated with OneCoin are being investigated in several countries: England, Ireland, The US, Canada, Italy, Ukraine, Lithuania, Latvia, Estonia and more.
In July 2015 the Belgian FSMA published a note in which it was specifies that OneCoin was not regulated in the country. The declaration came after Laurent Louis declared that OneCoin was not illegal. Louis was a member of the Belgian Chamber of Representatives for four years and after stating false information about OneCoin, he was banned for slander for six years.
Laurent Louis and OneCoin
The former member of the Belgian Chamber of Representatives began to advocate for the cryptocurrency in 2016 and it is estimated he won 100-200.000 euros from participating in the promotion. Louis was arrested and charged with pyramid selling, money laundering , fraud and violation of common and banking law.