"Onecoin" Cybercurrency Fraud Conviction

Abovethelaw.com reports on a lawyer convicted of money laundering and fraud using the cybercurrency "Onecoin."

They cite an article from Law.com. Here's a bit from that article:

Quote:

Federal prosecutors said Scott was introduced to Ignatova in September 2015 and eventually helped her launder hundreds of millions of dollars from OneCoin, which raised about $4 billion through a pyramid scheme. While OneCoin purported to be a digital token whose transactions were recorded on a blockchain, unlike real cryptocurrencies, there was no decentralized, public blockchain to ensure the system's integrity.