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Singapore Man Fined $72K for Promoting Crypto Ponzi OneCoin

A 52-12 months-frail Singapore man has been learned guilty of marketing OneCoin, the multi-degree marketing, or Ponzi, blueprint essentially based solely spherical its earn cryptocurrency.

  • On Wednesday, Fok Fook Seng was once convicted and fined S$100,000 (almost US$72,000) for marketing OneCoin between January 2016 and June 2017, as reported by The Straits Instances on Friday.
  • The Singapore Police Power said the actual person is the first to be charged beneath the Multi-Stage Marketing and Pyramid Selling (Prohibition) Act, 2000.
  • Fok frail the Facebook internet page “OneLife One World Crew Singapore” to advertise OneCoin and advertise at necessary occasions.
  • Victims – spherical 1,180 of us from Singapore and in numerous locations – would be sold academic packages that came with tokens said to be usable for “mining” the OneCoin cryptocurrency, per the file.
  • OneCoin has been deemed untrue within the U.S. with “top leaders” Ruja Ignatova and Konstantin Ignatov indicted on charges of wire fraud, securities fraud and money laundering in Might perchance perchance perchance perchance final 12 months.
  • Novel Zealand has also issued warnings in opposition to untrue crypto scams consuming OneCoin.
  • A jury convicted OneCoin’s Authorized professional Mark Scott on fraud charges in November 2019 after it was once revealed he laundered $400 million for the blueprint beginning in 2016.
  • These convicted beneath Singapore’s law face fines of up to $200,000 Singapore dollars ($143,340) and/or five years in penal advanced.

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