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Singapore police issued first convictions for agents of the OneCoin MLM

scheme

Singapore authorities blamed two men for promoting a multi-level cryptocurrency marketing (MLM) OneCoin scheme in the first case of this kind for the state, the local daily business news agency reported on April 10.

It is reported that two men, whose names were not named, participated in activities related to the creation of a subsidiary to promote OneCoin, as well as subscribing new members and attracting investment in exchange for training courses and OneCoin tokens.

This case is the latest to hit OneCoin, who managed to work for several years and accumulate gigantic investments before law enforcement agencies of the United States charged two of his Bulgarian founders in March.

“Advertising tokens can be used for mining for OneCoins,” the Business Department quoted the Singapore Police Department as saying.

The Central Bank of Singapore, the Monetary Authority of Singapore (MAS), has previously included OneCoin in its list of investor warnings, a directory of businesses that, in its opinion, are misleading the public.

Various governments around the world have issued warnings against OneCoin, advising consumers not to interact with any agent associated with this scheme.

One of the two founders, Rui Ignatov, remains at large after the indictment in the United States.

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