Saturday, October 31, 2020

Two promoters of OneCoin $4 billion Ponzi scheme found dead in Mexico

-

Two promoters of a major cryptocurrency exit scam, OneCoin, have been found dead in Mazatlan, Mexico.

Oscar Brito Ibarra and Ignacio Ibarra, two major OneCoin promoters, were apparently kidnapped and killed in Mexico, Cointelegraph en Español reported on Tuesday. According to the report, the two men were promoting OneCoin as a payment method for a local car firm, the Latin American Automotive Marketing Company.

The terrifying news was first reported by major Latin American publication, La Tercera, on Saturday. According to the report, the bodies of Brito and Ibarra were found stuffed into suitcases and dumped in a vacant lot. According to examinations, the two men were apparently killed by suffocation.

OneCoin was a known scam by the time Oscar Brito Ibarra joined it

According to La Tercera, the story began in 2017, when Oscar Brito Ibarra, a Chilean citizen, first signed up to OneCoin scheme as an affiliate. Founded in 2014, OneCoin project already emerged as a major crypto scam by that time, with a number of global authorities labeling it as a “ponzi scheme” in 2017.

- Advertisement -

After promoting OneCoin for a while, Oscar Brito Ibarra reportedly got an Argentinian partner, Ignacio Ibarra, involved to promote the CLA by offering discounts for making purchasing vehicles with the OneCoin token. According to the report, the promised cars were never delivered despite the two men continuing to promote the scam across the Latin America.

Local cartels might have been involved in the murder

About 140 people in Argentina were scammed by CLA by the end of 2019, with some of them having lost up to $400,000, the report notes.

On June 20, Brito and Ibarra traveled to Mazatlan, Sinaloa. The exact reason for the trip remains unclear, although the trip could apparently have been linked to the CLA, La Tercera reported. The bodies of the two men were found a few days after, the report says.

Citing a report by the United States Drug Enforcement Administration, La Tercera suggested that the murders could have involved local cartels that increasingly deal with cryptocurrencies to launder money.

- Advertisement -

OneCoin is known as a major crypto exit scam alongside famous crypto scam BitConnect. The Bulgaria-based firm purportedly still remains fully operational to date despite investigators’ allegations that it raised 4 billion euro ($4.4 billion) in a Ponzi scheme. Earlier in July, a Singaporean man was found guilty of operating OneCoin and was fined $72,000.

Original article on cointelegraph.com

MUST READ

Actress Lori Loughlin begins 2-month prison sentence for role in college admissions scam

Actress Lori Loughlin reported to a federal prison in Northern California on Friday to start a two-month sentence for her role in a massive...

FirstEnergy fires CEO, other executives over Ohio bribery scandal

FirstEnergy Corp. has fired its CEO amid multiple federal investigations related to an Ohio nuclear bailout law passed year. The Akron-based utility company announced in a...

Ukraine’s court strips critical power from anti-corruption agency

Ukraine's Constitutional Court has stripped the country’s anti-corruption agency of some of its critical powers. The high court’s ruling published on October 28 declared it...

Former South Korean President Lee Myung-bak sent back to prison for 17 years in corruption case

Former South Korean president Lee Myung-bak was ordered back to prison on Thursday (Oct 29) as the country's Supreme Court upheld a 17-year jail...

Nigerian court declines to issue international arrest warrant for fugitive ex-Petroleum Minister in corruption case

The Abuja Division of the Federal High Court, on Wednesday, refused an application by the Economic and Financial Crimes Commission, EFCC, for an arrest...

Subscribe For More

Get our daily notification on the latest financial crimes news around the World

Advertisement
Advertisement

Latest News

This Week

Beam Suntory Inc. fined $19.6 million in foreign bribery case

Beam Suntory Inc. (Beam), a Chicago-based company that produces and sells distilled beverages, has agreed to pay a criminal monetary penalty of $19,572,885 to...

Namibia probes oil firm Acer petroleum over bribes paid to government officials

THE mines and energy ministry says it is investigating allegations that an oil company bribed some senior officials to fast-track licence applications. The senior officials...

Former DEA spokesman sentenced to 7 years for posing as CIA agent to scam $4 million

A former spokesman for the Drug Enforcement Administration (DEA) was sentenced to 7 years in prison Wednesday for posing as a CIA agent on...

South Korea’s former Vice Justice Minister sentenced to jail for bribery and sexual favors

Former Vice Justice Minister Kim Hak-eui, the figure at the center of one of Korea’s biggest political sex scandals, was placed under pretrial detention...
Advertisement

Adblock Detected!

Our website is made possible by displaying online advertisements to our visitors. Please consider supporting us by whitelisting our website.

Enable Notifications    Ok No thanks