Brother of OneCoin Founder Faces 90 Years in Prison After Plea Deal

The Department of Justice (DOJ) arrived at a plea deal with Konstantin Ignatov for his part in OneCoin Ltd., a digital currency based out of Bulgaria.

Ignatov confessed to multiple counts, including money laundering, as indicated by the BBC. The arrangement was reached on October 4 but published publicly on Tuesday following his capture at Los Angeles International Airport in March this year.

He is the sibling of OneCoin founder Dr. Ruja Ignatov, casually called “Cryptoqueen” for her activities in the purported scam and eventual disappearance.

Under the provisions of the plea, Ignatov won’t deal with further indictments as they develop against OneCoin and its constituents, except for probable tax violations. However, Ignatov faces up to 90 years in jail, the BBC stated.

OneCoin raised around $4 billion for its digital currency and proprietary ecosystem in funding, in what multiple governments have referred to as a Ponzi scheme. OneCoin denies those charges and keeps on operating.

The BBC stated Ignatov could be moved into the U.S. witness protection program based upon the length of his sentence. Court documents state certain people have emerged with threats against him.

While testifying in another ongoing case against Mark Scott, a U.S. lawyer charged for laundering funds $400 million from OneCoin, Ignatov disclosed more insights regarding his sister, the BBC said. A warrant for her arrest from the DOJ is presently outstanding.

The BBC stated Ignatov told the court that his sister obtained a visa and tickets to Vienna and Athens from her Bulgarian home. She called OneCoin critics “haters” and was careful about being given to authorities, he stated. Despite the fact that Ignatov tapped a private investigator to find her, he has not talked to her since her vanishing, as per the BBC.