OneCoin is being analyzed by the Ministry of Public Security of China since 2016, as reported by the large outlets citing regional governmental bulletin Procuratorial Daily. The authorities of China have apparently taken a hard stance against this massive international Ponzi scheme: 98 people have been prosecuted.
The Chinese media reminds that some of the suspects have been arrested at the end of the last year, with verdicts raging from $1,565 to $783,000 fines together with four years in prison.
OneCoin was one of the biggest frauds in cryptocurrency history, its total budget is estimated to be $2.4 billion. The organization offered a cryptocurrency that can be mined by remote servers - which, of course, did not exist. The firm had branches in many countries which are now opening cases about the work of OneCoin in their jurisdiction. One may safely assume that the suffered states exchange data between each other. Apart from China, the list includes England, Ireland, Italy, the United States, Canada, Ukraine, Lithuania, Latvia, Estonia and India.
OneCoin was headed by Ruja Ignatova, Bulgarian business person. As the websites dedicated to frauds report, she is still not arrested and built a luxurious mansion on the money received from the scam, although this information is not confirmed.