Further delay is in store in the criminal case targeting OneCoin leader Konstantin Ignatov.

A sentencing control date is presently set in the case for November 10, 2022. Because the defendant’s cooperation is not yet complete, the Government has requested that the sentencing control date be adjourned for approximately 90 days.

The defense has consented to this application.

Let’s recall that Konstantin Ignatov was arrested March 6, 2019, at the Los Angeles International Airport. He was charged with wire fraud conspiracy stemming from his role as the leader of an international pyramid scheme that involved the marketing of a fraudulent cryptocurrency called “OneCoin.” An Indictment also charged Ignatov’s sister, Ruja Ignatova – a founder and original leader of OneCoin – with wire fraud, securities fraud, and money laundering offenses.

As a result of misrepresentations that Ignatov, Ignatova and others made about OneCoin, victims invested billions of dollars worldwide in the fraudulent cryptocurrency.

OneCoin Ltd. operated as a multi-level marketing network through which members receive commissions for recruiting others to purchase cryptocurrency packages. This multi-level marketing structure has fueled the rapid growth of the OneCoin member network. Indeed, OneCoin Ltd. has claimed to have more than 3 million members worldwide, including victims living and/or working within the Southern District of New York.

Records obtained in the course of the investigation show that, between the fourth quarter of 2014 and the third quarter of 2016 alone, OneCoin Ltd. generated €3.353 billion in sales revenue and earned “profits” of €2.232 billion.