Police have raided the headquarters of the OneCoin organisation in Bulgaria. OneCoin is a suspected Ponzi scam that is disguised in the veil of the blockchain technology. Since the meteoric rise of Bitcoin, Litecoin and other Cryptocurrencies, the market is attractive to scammers.
Operating since 2015 the OneCoin is estimated to have attracted some 3 Million investors. The scheme has faced action from the authorities before. But the joint raid between Bulgarian and German police as well as the Europol is the most significant so far. The leadership of the scheme has reportedly fled the country before.
Bulgarian police has released a Youtube video of the seized materials from the OneCoin raid.