Muhammad Ali

Muhammad Ali

Muhammad Ali is a crypto enthusiast and crypto journalist who got into crypto in 2016 by trading and investing. Having a keen interest in the monetary policy implications of Bitcoin and cryptocurrencies he began writing about crypto and blockchain technology in 2017. He has managed numerous crypto-related projects and is passionate about all things blockchain.


‘Cryptoqueen’ Boyfriend Gets Five Years in Onecoin Scam

Gilbert Armenta, the former boyfriend of wanted criminal Ruja Ignatovia, received a five-year prison term for stealing over 300 million dollars worth of investments from the investors of the fake OneCoin investors' funds. Gilbert was charged with taking an active role in a conspiracy that defrauded the client's tens of millions in the one coin project where he held a significant position in the defrauding company. The 59- year- old Gilbert was found guilty in 2018 of intent to engage in extortion and money laundering. Who is Cryptoqueen? Ruja Iganatovia OneCoin founder. OneCoin was introduced in early 2014 by Ruja Ignatovia, a citizen of Bulgaria. The venture was a four-billion-dollar high-rise marketing business. According to its supporters, the one coin was the revolution waiting for the financial sector. Additionally, the coin creators said that gold reserves supported the coin and also the blockchain; the creator also said that one coin would become superior to Bitcoin. (BTC) OneCoin’s supporters claimed that the number of coins in circulation was one- hundred and twenty billion and that the coin would be among the most valued cryptocurrencies worldwide. However, all this turned out to be a pyramid scheme since the blockchain, or real cryptocurrency, did not back it up. OneCoin embezzled nearly four billion dollars from millions of investors between its conception and its discovery as a Ponzi scheme in 2016.  Among the ways the investors were scammed was through educational courses for trading cryptocurrencies, for which they had to pay between € 100 and 118000 Of this fraud, several investors lost their life savings with the development of Onecoin's case, which has been named one of the biggest and most complex fraud cases in history. Gilbert’s imprisonment has relieved the victims of the fraud, who haven't received reimbursement of their money. This is a step closer to the justice they hope to receive. As of the time of writing,...

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