Highly controversial altcoin OneCoin servers have been seized by Bulgarian law enforcement as well as European Union crime fighting units.
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OneCoin claims to be a “centralized model [that] protects its members’ safety and ensures compliance on AML [anti-money laundering],” but does not utilizing blockchain technology.
No arrests have been made as of press time.
According the police report, OneCoin Ltd. functions through “Hundreds of affiliated companies on 4 continents […] [which] are being investigated in England, Ireland, Italy, the United States, Canada, Ukraine, Lithuania, Latvia, Estonia and many other countries.”
In July, law enforcement agents in India detained 23 people in connection with OneCoin.
In August, the Italian Antitrust and Consumer Protection Authority (AGCM) called OneCoin a Ponzi scheme before fining the company 2.5 Million euro’s.