The controversial cryptocurrency Onecoin which is considered to be the most infamous cryptocurrency scam pulled off so far continue to suffer nemesis. The crypto scam was reported to have raised $4 billion before it was shut down.

Officials of Special Antitrust Unit in Verona, Italy have managed to seize 93 social media pages and 7 websites promoting scam cryptocurrencies including Onecoin which promises investors massive returns on their investments within a short period.

Also, 5 people were nabbed in the raid and have henceforth been charged for fraud, they were reported to be residing in three provinces of the country.

According to the detailed report, 6 more promoters were charged for their involvement in the legal representation of a Roman firm promoting fraudulent schemes after investigations were carried out by the Public Prosecutor’s Office of Rome, some of whom are still active in the North-East.

The culprits were said to have promoted crypto schemes on social media platforms, websites, and traditional word-of-the-mouth interactions. They also went to the extent of offering financial training niches packaged with free cryptocurrency in exchange of fees worth up to 100 Euros minimum to be paid to them.

If you can recall, Onecoin which was founded in 2014 by Bulgarian entrepreneur Ruja Ignatova and was seen as legit as any digital asset until it was reported to be a Ponzi-scheme by regulators around the world. They were also accused of laundering money through New Zealand to Samoa by Central Bank of Samoa which they quickly denied.

CEO of Onecoin, Konstantin Ignatov, brother to the founder is said to be cooling off behind bars and will face trial soon. Part of suspected scam he committed was to perpetrate a wire fraud. A crime that if he’s found guilty of, may keep him in jail for 20years. He was arrested after its founder disappeared from public view since 2017.

More also, Ignatov’s bail, which was set at a bond of $20 million by a court in the United States, was rejected.

The said Scam also found its way into a country like Uganda and the Bank of Uganda publicly warned her citizens not to invest in it as they termed it a Ponzi scheme, not a crypto asset.

Today people are looking for a way to get rich quick but my advice is that you should do detailed research before you commit to any financial investments because these scammers are not ready to quit their activities.