Edgardo Ramos, Judge of New York Southern District Court, denied Konstantin Ignatov’s bond application, irrespective of its very attractive release conditions. This is according to reports by Finance Feeds. Ignatov is being kept in custody for a conspiracy to carry out wire fraud. If found guilty, he could spend as much as 20 years in jail.

Ignatov attractive bond application

CEO of OneCoin, in a bid to leave prison, proposed a very attractive bond application. His release conditions included a $20 million personal recognizance bond. Ignatov also agreed to wear GPS tags and to cover the cost of 24hours armed guards to make sure he doesn’t flee the country. His residence will also only be accessible to pre-authorized individuals. He also agreed not to use computers or cellphones except for taking notes and reviewing discovery.

Judge Edgardo Ramos did not, however, grant his desperate plea to get out of prison until after his trial. Opposing his bond application, the U.S. government pointed out that Ignatov was a flight risk and that his desperate bond proposal was no guarantee that he would not flee the country. The U.S. government also added that keeping Ignatov in jail will ensure that he does no more damage as his scheme (OneCoin) was still very operational. Leader of OneCoin has also been accused of telling lies ‘repeatedly to government officials’ and so according to the U.S. government, ‘he cannot be trusted to comply with any conditions of release’.

Among the government officials were the U.S. Customs and Border Patrol officers and Pretrial Services Officers: “He simply cannot be trusted to comply with any conditions set by the Court, having already lied to U.S. border agents, investigating case agents, and even the very Pretrial Services Officers tasked with evaluating appropriate bail in this case.”

Investigators also noted that Konstantin Ignatova’s sister suddenly disappeared after she had charges filed against her. There are several countries that don’t have an extradition treaty with the United States but have strong ties with Ignatov. In most of these countries, the OneCoin scheme is still fully in operation. Countries like Samoa is where OneCoin used church podiums to create awareness for the ponzi scheme. The scheme also stretched out to Uganda, as well as countries bordering his native Bulgaria amongst several others.


  1. OneCoin isn’t a crypto exchange but a hybrid Ponzi-pyramid scheme masquerading as a cryptocurrency.

    That is also stretching its description somewhat as it has no Blockchain, no real mining and is priced according to what it’s organisers think it should be.

    It’s a $4bn scam which only existed to line the pockets of Ruja Ignatova and her cronies.


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