OneCoin began in Bulgaria in 2014, branding itself as a cryptocurrency and telling investors that the token could be mined and had real value. In reality, it did not exist on the blockchain and was a pyramid scheme in which investors were rewarded for bringing in new participants. OneCoin is estimated to have defrauded more than $4 billion from at least 3.5 million victims.
Source: https://www.coindesk.com/policy/2023/09/13/onecoin-co-founder-karl-greenwood-sentenced-to-20-years-in-prison/?utm_medium=referral&utm_source=rss&utm_campaign=headlines