A Chinese court has mostly upheld convictions against 35 OneCoin affiliates, dealing another blow to the cryptocurrency pyramid scheme that collapsed five years ago.

The Zhuzhou Intermediate People's Court ruled on December 27th on a batch of appeals. Five affiliates saw their convictions stand. Two others had their appeals rejected for procedural reasons. One managed to withdraw his appeal. Five more had their sentences vacated on appeal. The remaining 22 will serve their original sentences or pay fines as ordered.

The sentences range from ten months to four years in prison. Fines topped out at $230,535 USD. Authorities also ordered $2.1 million recovered during the initial arrests handed over to the Chinese treasury.

The ruling effectively stamps OneCoin as an illegal pyramid scheme across China. The convictions came after a wave of arrests in August and September that swept up three dozen OneCoin promoters operating in the country.

OneCoin imploded globally starting in the second half of 2017. The scheme promised investors cryptocurrency riches that never materialized. As the operation crumbled, top affiliates bolted for other Ponzi operations, dragging their downlines along for the ride. Many victims lost everything. None of the major promoters have ever acknowledged their role in the fraud.

The biggest mystery remains the whereabouts of Ruja Ignatova, OneCoin's founder and last remaining executive. She vanished from public view in mid-2017. The last credible sighting had her sailing around Bulgaria aboard a $15 million yacht believed purchased with stolen investor money.

Bulgarian authorities have shown no signs of investigating OneCoin or any of its principals. That leaves Ignatova effectively in the wind, evading accountability while thousands of people worldwide lost their savings to her scheme.

🤖 Quick Answer

What was the outcome of the OneCoin appeals in the Zhuzhou Intermediate People's Court?
The court upheld convictions against most of the 35 OneCoin affiliates on December 27th. While five had sentences vacated, 22 must serve original sentences or pay fines up to $230,535 USD. The ruling confirmed OneCoin as an illegal pyramid scheme, recovering $2.1 million for the Chinese treasury.

Why is OneCoin considered a significant cryptocurrency fraud case?
OneCoin operated as a pyramid scheme that collapsed five years ago, involving thousands of affiliates across multiple countries. The scheme promised unrealistic returns through cryptocurrency investments while lacking legitimate blockchain technology, defrauding investors of substantial sums globally.

What happened to OneCoin's founder Ruja Ignatova?
Ruja Ignatova, the primary architect of the OneC

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