Scott Received $50M to Help OneCoin

According to United States prosecutors, lawyer Mark S. Scott got $50 million to help OneCoin’s co-founder and current fugitive Ruja Ignatova. And they plan to launder $400 million. The lawyer is a former partner at law firm Locke Lord.

In a report on November 20, Manhattan U.S. attorney’s office and the New York Country district attorney’s office are in the last part of prosecuting Scott. He allegedly got paid to launder a whopping $400 million fir Ignatova, aka cryptoqueen.

OneCoin is part of the crypto industry’s most infamous exit scams. But the Bulgaria-based firm continues to operate despite investigator’s allegations that it raised as much as $4.4 billion in a Ponzi scheme.

In addition to that, the U.S. prosecutors accuse Scott of employing a vast network of fake companies, offshore bank accounts, and fraudulent investment schemes to launder over $400 million in ill-gotten funds.

Previously, Prosecutor Lozano declared that as payment for his criminal activities, Scott received in the form of a 57-foot yacht, three multimillion-dollar homes on Cape Cod, Massachusetts, and luxury cars such as three Porches and a Ferrari.

On the other hand, Scott insists that he had no idea that OneCoin was a scam. However, Prosecutor Nicholas Folly pushes that the evidence against him was overwhelming and obvious.

Bitcoin Price Action

Meanwhile, the price action of Bitcoin (BTC) further lessen than impress unless one is a bear capitalizing on the recent shorting opportunities.

Bulls pinned their hopes on Bitcoin price breaking out of the falling wedge in a strong upside move. And this started since the consensus was that this particular patter tends to make bullish outcomes more frequently than not. This was not the case, and Bitcoin price tumbled down under the descending trendline to $7,981.

On October 27, it reached a dominance rate of 69.35%. After that, the dominance rate of Bitcoin fell to 65.9%. Also, the increasing number of traders seems to be shifting their attention to altcoins. And this was because a lot of them are pressing against their long-term descending trendlines and 200-day moving averages.