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OneCoin Crypto Scam Boss Faces Jail Trial after $20 Million Bail Fail

Mark Emem
OneCoin's chief executive will remain in custody within a US prison. | Source: Shutterstock
OneCoin's chief executive will remain in custody within a US prison. | Source: Shutterstock

The CEO of the OneCoin cryptocurrency scam, Konstantin Ignatov, will have to undergo trial while still in custody.

The New York Southern District Court’s Judge Edgardo Ramos denied a bond application filed by Ignatov despite the top leader of the cryptocurrency scam having proposed attractive release conditions, as first ported by Finance Feeds. Ignatov is accused of a conspiracy to commit wire fraud, a crime which could see him serve a maximum of 20 years in jail.

OneCoin head $20 million personal recognizance bond declined

Among the release conditions that Ignatov’s defense team had proposed included a $20 million personal recognizance bond. Ignatov had also agreed to wear GPS tags as well as foot the bill to hire round-the-clock armed guards who would ensure he doesn’t flee.

Access to his residence would also only be allowed to those with pre-authorized permission. Additionally, Ignatov had agreed to avoid using computers or cellphones other than for note taking and reviewing discovery.

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In opposing his bond application the U.S. government insisted that Ignatov was a flight risk and that the proposed release conditions were not a guarantee that he would not flee.

The cryptocurrency scam is still operating

Additionally, the U.S. government argued that releasing Ignatov on bail would not deter him from causing more harm. This argument was based on the fact that the OneCoin scheme is still operational. At the time of his arrest in March in California, Ignatov was scheduled to attend OneCoin events in the U.S.

Read the full story on CCN.com.