Co-founder of $4bn OneCoin scam jailed

September 14, 2023
3 min read

Below is a delayed version of our flagship newsletter, Techpoint Digest

Every weekday, 30,000 subscribers get a fun 5-minute roundup of happenings in African and global tech, directly in their inbox, hours before everyone else.

When was the last time you used Threads? Well, for me, it's been weeks since I visited the X (Twitter) copycat. I tried to keep up but I forgot all about it at some point. It is no surprise that it lost 20% of daily active users weeks after gaining a record-breaking 100 million users in five days.

However, a quotes feature might be coming to the platform soon.

The Head of Threads and Instagram, Adam Mosseri, posted on Threads that he just tested the feature and it will be rolling out soon.

I don't want to be a pessimist, but Threads will need to do a lot more than "quotes" to get people using Threads daily.

For today's newsletter, we're discussing:

  • The $4 billion scam coin
  • A cybersecurity regulation created by Kenyan citizens  

Co-founder of $4 billion scam coin sentenced to 20 years in prison

OneCoin id 9892e617 d5ad 4f3d 9414 2d1a6d1fa7af size900

One of the co-founders of OneCoin, a crypto scam coin that defrauded 3.5 million people of $4 billion has been sentenced to 20 years in prison.

Sebastian Greenwood has been detained in the US since 2018 when he was arrested in Thailand for promoting OneCoin.

What is OneCoin? OneCoin was many things to many people. You could call it a movement, a scheme, or even a religion, but it was most certainly a scam.

Be the smartest in the room

Join 30,000 subscribers who receive Techpoint Digest, a fun week-daily 5-minute roundup of happenings in African and global tech, directly in your inbox, hours before everyone else.
Digest Subscription

Give it a try, you can unsubscribe anytime. Privacy Policy.

Here's the gist: A group of fraudsters came together in 2014 to create what they touted as the next Bitcoin. Leading this team of advanced fraudsters "the Cryptoqueen", Dr Ruja Ignatova.

Ignatova designed a scam so simple, yet so effective.

OneCoin was sold in the form of educational packages. The deception was that once you buy them, you got a chance to receive OneCoin when it launches.

Unfortunately, there was no token, there wasn't even a blockchain to begin with. You can even say the scam was not crypto-related because there was no sale of digital currencies.

Why did people fall for it? Ignatova had the credentials to back her deception. She is a PhD holder, an Oxford University graduate, and a former McKinsey employee. However, her biggest weapon was people's greed.

Where's Ignatova now? Lost in the wind. The FBI has been searching for "the Cryptoqueen" since 2017.

Kenyan citizens will participate in the creation of the country's cybersecurity regulation

tingey injury law firm veNb0DDegzE unsplash
Photo by Tingey Injury Law Firm on Unsplash

Kenya's National Computer and Cybercrimes Coordination Committee (NC4), is seeking the input of the country's citizens in the creation of a cybersecurity regulation.

NC4 is a body operating under the State Department of Internal Security and National Administration. The regulation will create a comprehensive framework for how Kenya detects and responds to cybersecurity threats.

How will the public participate in the creation of the regulation?

According to Raymond Omollo, Interior Principal Secretary, both physical and virtual meetings will be held in eight regions across Kenya.

NC4 will also conduct meetings with stakeholders from different sectors that may be impacted by the regulation. Some of the sectors include energy, manufacturing, finance, and transportation.

He's a geek, a sucker for Blockchain and an all-round tech lover. Find me on Twitter @BoluAbiodun1.
He's a geek, a sucker for Blockchain and an all-round tech lover. Find me on Twitter @BoluAbiodun1.
He's a geek, a sucker for Blockchain and an all-round tech lover. Find me on Twitter @BoluAbiodun1.

Other Stories

43b, Emina Cres, Allen, Ikeja.

 Techpremier Media Limited. All rights reserved