Singaporian Man Fined $72K for Promoting Crypto Ponzi OneCoin

A 52-year-old Singapore man has been seen as blameworthy of advancing OneCoin, the staggered promoting, or Ponzi, plot based around its own digital money.

  • The Singapore Police Force said the man is the first to be charged under the Multi-Level Marketing and Pyramid Selling (Prohibition) Act, 2000.
  • Fok utilized the Facebook page “OneLife One World Team Singapore” to publicize OneCoin and advance it at significant occasions.
  • Casualties – around 1,180 individuals from Singapore and somewhere else – would be sold instructive bundles that accompanied tokens said to be usable for “mining” the OneCoin cryptographic money, per the report.
  • OneCoin has been considered false in the U.S. with “top pioneers” Ruja Ignatova and Konstantin Ignatov prosecuted on charges of wire extortion, protections misrepresentation and illegal tax avoidance in May a year ago.
  • New Zealand has additionally given alerts against false crypto tricks including OneCoin.
  • A jury indicted OneCoin’s Lawyer Mark Scott on extortion charges in November 2019 after it was uncovered he washed $400 million for the plan starting in 2016.
  • Those sentenced under Singapore’s law face fines of up to $200,000 Singapore dollars ($143,340) as well as five years in jail.

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