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OneCoin Lawyer Sentenced to 10 Years in $400 Million Cryptocurrency Fraud Scheme

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OneCoin Lawyer Sentenced to 10 Years in 0 Million Cryptocurrency Fraud Scheme

According to Manhattan federal prosecutors, Mark Scott, a former partner at the U.S. law firm Locke Lord, has been sentenced to 10 years in prison for his involvement in a $400 million fraudulent cryptocurrency scheme.

The sentencing took place on Thursday, and Scott was found guilty of conspiracy to commit money laundering and conspiracy to commit bank fraud in November 2019, linked to his role in the OneCoin cryptocurrency fraud.

Judge Orders $392 Million Forfeiture

U.S. District Judge Edgardo Ramos, presiding over the case, also ordered Scott to forfeit $392,940,000 along with various assets, including bank accounts, a yacht, two Porsche automobiles, and four real estate properties, as part of the sentence.

Manhattan U.S. Attorney Damian Williams emphasized in a statement that Scott, now 55 and residing in Coral Gables, Florida, achieved financial success through fraud and deception, earning $50 million by age 50.

Williams stated, “Scott accomplished his goal, but by fraud and deception, and will now spend a decade in prison and has been ordered to forfeit all of his illegal proceeds.”

Prosecutors outlined that Scott’s involvement began in 2015 when he was introduced to OneCoin co-founder Ruja Ignatova, known as the “Cryptoqueen.” Subsequently, he played a pivotal role in setting up fake investment funds to launder millions of dollars in fraud proceeds in 2016.

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Scott received over $50 million for his participation, which he used to purchase luxury cars, a yacht, and several seaside homes.

Scott’s Defense Pleads for 5 Years

In a brief filed on Friday, Scott’s defense sought a five-year prison sentence, portraying him as a “broken man” who had spent the last four years in home confinement. However, prosecutors pushed for a minimum of 17 years, emphasizing Scott’s greed and dissatisfaction with his already luxurious lifestyle as a partner at a prestigious law firm.

Scott, previously an international mergers and acquisitions and private equity partner at Locke Lord from June 2015 to September 2016, was disbarred by a New York state appellate court in November 2020. His lawyers have yet to respond to the recent developments.

Meanwhile, Karl Sebastian Greenwood, another co-founder of the OneCoin scheme, received a 20-year prison sentence and was ordered to forfeit $300 million in September. Ruja Ignatova, the elusive “Cryptoqueen,” remains at large and was added to the FBI’s top 10 most wanted list in 2022.

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Best New Cryptocurrency to Buy Now as Bitcoin Price Falls Below $111K – BTC Bull Token

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Best New Cryptocurrency to Buy Now as Bitcoin Price Falls Below 1K – BTC Bull Token

Recent market activity shows Bitcoin dipping slightly to around $108,000. While some call this a “crash,” it’s important to view the 3% drop in context. For an asset that recently hit record highs, a move from $111,000 to $108,000—or even $107,000—still reflects strong valuation.

External economic news, such as US President Donald Trump’s announcement of 50% tariffs on the EU, likely contributed to this minor pullback.

Such developments often ripple through global markets, affecting both crypto and traditional stocks. Despite that, Bitcoin continues to hold strong, with overall sentiment staying bullish.

Bitcoin Hits $108K After Minor Dip – Is Altcoin Season Still Coming?

Bitcoin’s rise to $111,000 comes from several strong drivers. Big financial players like BlackRock have invested heavily, leading to large ETF inflows and pushing Bitcoin deeper into mainstream finance. Clearer U.S. regulations have also helped create a friendlier environment for large-scale adoption.

Michael Saylor, executive chairman of MicroStrategy, continues to support Bitcoin publicly. His recent tweets—“No tariffs on Bitcoin” and “Once you all have Bitcoin I’ll go back to the future”—highlight his belief in Bitcoin’s freedom and wide potential.

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Some even jokingly link him to Satoshi Nakamoto, though what stands out most is his steady push for Bitcoin ownership.

Source – 99Bitcoins YouTube Channel

Crypto communities are sharing a meme: “Don’t go babe, Bitcoin moves first, then alts.” This reflects how Bitcoin is leading the market while altcoins like Ethereum lag behind.

In past cycles, altcoins followed Bitcoin’s rise, but this time feels different, raising questions about whether the usual four-year pattern still holds.

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Public companies are also helping to keep momentum high. Semler Scientific recently bought 455 more Bitcoins for $50 million, raising their total to over 4,000 BTC worth around $460 million.

These firms aren’t waiting for price drops—they’re buying consistently, even at high levels. This steady demand shows strong confidence in Bitcoin’s long-term value, though with only about 19 million coins in circulation, supply limits could soon become a key factor.

Adding to the optimism, Trump recently claimed the U.S. is “dominating in Bitcoin and crypto” and promised to keep it that way. While details about his crypto-focused dinner remain unclear, political signals seem to support continued innovation and leadership in the space.

Even after a small 3% dip, Bitcoin’s current price of $108,000 looks strong. Backed by institutional buying, clearer regulations, strong voices like Saylor, and corporate accumulation, market sentiment remains very bullish.

Best Bitcoin Alternative – BTC Bull Token

BTC Bull Token (BTCBULL) sets itself apart from other Bitcoin-themed altcoins by giving free $BTC airdrops to its holders. It’s a strong option for those who want to benefit from Bitcoin’s next price surge without spending a lot on Bitcoin itself, which now costs over $108K.

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When Bitcoin reaches $150,000 or $200,000, holders get free BTC based on how much $BTCBULL they own. If Bitcoin hits $250,000, holders also get extra airdrops of BTC Bull’s native token. This setup ties the token directly to Bitcoin rewards, blending meme coin excitement with Bitcoin’s long-term value.

BTC Bull Token also burns tokens automatically when Bitcoin hits $125,000, $175,000, and $225,000. This shrinking supply helps increase demand, which can lead to higher trading volume and price.

Source – BTC Bull Token Twitter

Holders can also stake their tokens and earn a changing annual return (currently 65% APY). So far, early users have staked over 1.6 billion tokens.

The BTC Bull Token presale has already raised over $6.3 million. Right now, the token price is $0.00253, and it will go up in less than 2 days.

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Anyone interested can buy tokens using ETH, USDT, or a bank card through the BTC Bull Token website or the Best Wallet app, available on Google Play and the App Store. Just keep in mind, all $BTCBULL tokens must be stored in Best Wallet.

As Bitcoin goes higher, $BTCBULL lets people earn from Bitcoin’s rise without buying Bitcoin. If someone thinks Bitcoin will keep going up, BTC Bull Token rewards them for believing in it. Visit BTC Bull Token.

This article has been provided by one of our commercial partners and does not reflect Cryptonomist’s opinion. Please be aware our commercial partners may use affiliate programs to generate revenues through the links on this article.

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New York crypto investor accused of kidnapping Italian tourist

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New York crypto investor accused of kidnapping Italian tourist

A 37-year-old cryptocurrency investor appeared in court on Saturday after being arrested for allegedly kidnapping and torturing an Italian tourist in a Manhattan home, according to media reports.

John Woeltz was arraigned in New York Criminal Court at 9:00 EST (14:00 BST) on charges of kidnapping with intent to collect ransom, assault, unlawful imprisonment and other counts, court records show.

A second person, 24-year-old Beatrice Folchi, was arrested on Saturday in connection to the case, according to the BBC’s US partner CBS News.

The pair were taken into custody after the victim managed to escape a home in SoHo, where he was allegedly tortured and bound for weeks, police said.

The BBC has contacted the New York Police Department, the Manhattan District Attorney’s Office and Mr Woeltz’s attorney for comment.

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The 28-year-old victim, who has not been named, was taken to the hospital and is in stable condition, police have said. Officers found several Polaroid photos of the victim being tied up and tortured, as well as firearms, in the luxury townhome, according to reports.

The victim told police he came to New York from Italy on 6 May, and that upon arriving at the suspect’s house, Mr Woeltz took his passport and allegedly held him captive until he escaped on Friday morning.

According to a criminal complaint obtained by ABC News, the victim told police that Mr Woeltz and another person beat him and hanged him off a ledge when he refused to provide his bitcoin password.

Mr Woeltz is a crypto investor from Kentucky and has been renting the SoHo home for between $30,000 (£22,000) and $40,000 per month, according to CBS News.

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Quantum Cryptocurrency – Securing The Future Of Digital Assets

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Quantum Cryptocurrency – Securing The Future Of Digital Assets

Cryptocurrency, like Bitcoin, is digital money you can send or receive without banks, and it’s stored securely online. In 2025, Bitcoin hit a record $111,880, making up 56.7% of the $3.88 trillion crypto market. But new, super-powerful computers called quantum computers could one day hack regular cryptocurrencies. That’s where quantum cryptocurrency comes in. It’s a new type of crypto designed to stay safe even if quantum computers arrive.

Let’s explores quantum cryptocurrency, its real-world implementations, and how it safeguards the future of crypto.

What is Quantum Cryptocurrency?

Quantum cryptocurrency refers to digital currencies and blockchains using quantum-resistant cryptographic algorithms to protect against quantum computing attacks. To keep it simple, it is digital money built to be extra secure against quantum computers. Regular cryptocurrencies, like Bitcoin, use math puzzles to keep your money safe. These puzzles are hard for normal computers to crack, but quantum computers, superfast machines that work differently, might solve them someday, putting your money at risk.

Quantum cryptocurrency uses new, stronger math puzzles that even quantum computers can’t break. Think of it like a lock that’s impossible to pick, no matter how advanced the thief’s tools are. It’s still digital money you can use to buy things, trade, or save, but it’s designed to stay safe in the future. Here’s a short video by Algorand which explains how Quantum Computing attacks:

Quantum computers are still rare and not strong enough to hack crypto yet, but companies like Google and IBM are making them better every year. Google’s new Willow chip, for example, can do some calculations in minutes that would take regular computers billions of years. If quantum computers get powerful enough, they could steal Bitcoin or other crypto by cracking their security codes. Quantum cryptocurrency protects your money by using new security methods that quantum computers can’t break. By switching to quantum-safe crypto, you can keep your money secure even as technology changes.

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Quantum Cryptocurrency Projects

Several companies and projects are working on quantum cryptocurrency to make crypto safer. Here are the main ones as of 2025:

1. Quantum Resistant Ledger (QRL)

 

  • What They Do – QRL is a cryptocurrency, like Bitcoin, but built to be safe from quantum computers. It uses a special lock called XMSS that’s super hard to crack. You can buy QRL on exchanges like Coinbase and use it to send money or run apps

  • QRL is one of the first coins designed specifically for quantum safety, making it a leader in this space.

2. Algorand (ALGO)

Quantum Cryptocurrency

  • What They Do – Algorand uses Falcon, a post-quantum digital signature, to sign its blockchain history every 256 blocks, securing past transactions. While not fully quantum-resistant, its roadmap includes PQC upgrades.

  • Algorand balances scalability and quantum security for DeFi applications. Algorand is used for fast, cheap transactions and apps, and its quantum focus makes it a trusted name for investors. 

3. Nervos Network (CKB)

Quantum Cryptocurrency

  • What They Do –  Nervos runs a blockchain called CKB (Common Knowledge Base) that supports apps and digital money. It’s starting to use quantum-safe security to protect users’ funds. Nervos’ CKByte (CKB) operates on a dual-layer PoW blockchain, combining security and scalability. Its quantum-resistant features leverage NIST’s PQC standards, making it a versatile platform for dApps and asset storage.

  • Nervos makes it easy for developers to build secure apps, which could bring more people to quantum-safe crypto.

4. QuChain AI ($QC)

  • What They Do – Launched on Uniswap in May 2025, QuChain AI’s $QC token powers an AI-driven, quantum-secure blockchain using PQC encryption. It combines artificial intelligence (AI) with quantum-safe security to create a blockchain for smart apps

  • QuChain’s mix of AI and quantum safety could make crypto easier and safer to use.

5. Big Tech and Governments

  • Companies like Google and IBM are building quantum computers, while the U.S. government’s NIST group created new security standards in 2024 to fight quantum hacks. These standards help projects like QRL and Algorand stay safe. Big tech and governments are pushing quantum tech forward, making quantum-safe crypto more urgent.

How to Invest in Quantum Cryptocurrency

To engage with quantum cryptocurrency:

  • Choose Quantum-Resistant Coins: Invest in QRL (~0.38), Algorand, or Nervos (CKB) via exchanges like Coinbase or Binance. Check fees, they’ll typically be under 1%.

  • Secure Wallets: Use hardware wallets supporting PQC signatures, like QRL’s wallet, and enable 2FA. Never share private keys!

  • Report Scams: Fraudulent quantum crypto projects are rising. Report suspicious activity to ic3.gov or local regulators.

The Future of Quantum Cryptocurrency

In 2025, quantum cryptocurrency is growing fast. More projects are adopting quantum-safe security, and big names like Ethereum are planning upgrades. People on social media are buzzing about tokens like $QC, but they also warn about fakes. By 2030, quantum computers might be stronger, so coins like QRL and Algorand could become more popular to keep your money safe.

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FAQ: Understanding Key Terms

  • Quantum Computers: Super-powerful computers that use special science (quantum physics) to solve problems much faster than regular computers. They could one day hack regular crypto, but they’re not strong enough yet.

  • Post-Quantum Cryptography (PQC): A new type of security that uses math puzzles so tough that even quantum computers can’t crack them. It’s like an unbreakable lock for your crypto.

  • NIST: The National Institute of Standards and Technology, a U.S. government group that sets rules for secure technology. In 2024, NIST created new PQC standards to keep crypto safe from quantum hacks.

  • XMSS: A special security lock (called eXtended Merkle Signature Scheme) used by QRL to protect your money from quantum computers. It’s like a super-strong password.

  • Falcon: Another security lock (a type of digital signature) used by Algorand to keep its blockchain safe. It’s designed to stop quantum hacks.

  • Digital Wallet: A phone app or device (like a USB) that stores your crypto securely, like a digital piggy bank. You need a private key (a secret code) to open it. Never share this private key with anyone.

  • Two-Factor Authentication (2FA): A security step where you use combinations of two things. So a combination of a password and a code sent to your phone to prove it’s you when accessing your account.

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