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- OneCoin Scam is one of the largest scams in Crypto history.
- The Scam is blamed on Mark Scott as a co-conspirator of One Coin and the one who is linked to this Cryptocurrency fraud.
- Scott has been claimed that he abused the money through money laundering for his expenses and luxury.
OneCoin Scam is one of the largest scams in Crypto history. OneCoin is a fake cryptocurrency with a blockchain simulator and the one who traded with Onecoin Ponzi points were treated as mere idiots and the fake organization got benefited from it.
Still, there is little certainty in the Big Scam and no one can tell it for sure is if it happened and the numbers were real or not. The Scam is blamed on Mark Scott as a co-conspirator of One Coin and the one who is linked to this Cryptocurrency fraud.
He was charged for money laundering and planning conspiracy to commit bank fraud. Scott has been claimed that he has money laundered the sum of $400 million through OneCoin shady and fraudulent investment funds that he set up purposely and intentionally.
Scott has been claimed that he abused the money through money laundering for his expenses and luxury. He paid more than $50 million to buy luxury cars, a yacht, and several seaside homes.
The accusation led him to a death sentence by the New York Southern District Court on November 21, 2019, which is sentenced to be carried away on February 21, 2020.
The death sentence was later postponed by Scott’s retrial and acquittal plea made on February 3, 2020, to which the Government must respond to it by February 24, 2020.
With the deadline approaches the defense of Mark Scott has requested the sentencing trial to be adjourned by the court and postpone until April 21, 2020.
Which will be beneficial to court for completing brief on post-trial motions and review the case. The plea for adjourning the sentencing trial was a success and the Court rescheduled it to May 26, 2020.
Scott also insisted before the jury that the instructions on both the bank frauds and money laundering counts are fundamentally wrong on major key points on which it convicted him based on conduct that would not violate the statutes in question. The arguments presented by Scott to be expected by the Government to respond until March 16, 2020.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
