Menu

  • Alerts
  • Incidents
  • News
  • APTs
  • Cyber Decoded
  • Cyber Hygiene
  • Cyber Review
  • Cyber Tips
  • Definitions
  • Malware
  • Threat Actors
  • Tutorials

Useful Tools

  • Password generator
  • Report an incident
  • Report to authorities
No Result
View All Result
CTF Hack Havoc
CyberMaterial
  • Education
    • Cyber Decoded
    • Definitions
  • Information
    • Alerts
    • Incidents
    • News
  • Insights
    • Cyber Hygiene
    • Cyber Review
    • Tips
    • Tutorials
  • Support
    • Contact Us
    • Report an incident
  • About
    • About Us
    • Advertise with us
Get Help
Hall of Hacks
  • Education
    • Cyber Decoded
    • Definitions
  • Information
    • Alerts
    • Incidents
    • News
  • Insights
    • Cyber Hygiene
    • Cyber Review
    • Tips
    • Tutorials
  • Support
    • Contact Us
    • Report an incident
  • About
    • About Us
    • Advertise with us
Get Help
No Result
View All Result
Hall of Hacks
CyberMaterial
No Result
View All Result
Home News

Lawyer Gets 10 Years for Crypto Fraud

January 26, 2024
Reading Time: 3 mins read
in News

Mark Scott, a lawyer, has been sentenced to ten years in prison for laundering $400 million from the OneCoin cryptocurrency fraud scheme. Scott, who was an equity partner at Locke Lord LLP, used his position to hide his involvement in the fraudulent scheme led by Ruja Ignatova, also known as the “Crypto Queen.” Ignatova orchestrated a massive cryptocurrency fraud between 2014 and 2016, defrauding over 3.5 million victims globally of more than $4 billion. Scott, convicted in 2019, set up fake private equity investment funds to launder the illegal proceeds before transferring them back to Ignatova and other OneCoin accomplices.

In 2016, Scott established the “Fenero Funds,” fake private equity investment funds in the British Virgin Islands, disguising OneCoin transfers as investments from “wealthy European families.” He employed a money laundering technique known as layering, funneling the money through accounts in the Cayman Islands and Ireland. Scott then lied to banks and financial institutions globally, manipulating them into making transfers of OneCoin proceeds and evading anti-money laundering procedures. OneCoin operated its fraudulent cryptocurrency scheme, based in Sofia, Bulgaria, and pushed its value artificially, defrauding victims based on US soil around 2015.

The sentencing highlights the deceptive practices employed by Scott, who used his law license to participate in a massive money laundering scheme for a cryptocurrency that had no actual value. The judge sentenced Scott to a decade in prison, emphasizing his accomplishment of fraud and deception, with an order to forfeit all illegal proceeds. The case underscores the ongoing efforts of authorities to combat criminal activities in the cryptocurrency space, particularly those involved in large-scale fraud schemes on the dark web.

 

Reference:
  • Lawyer who laundered $400M from OneCoin scam denied new trial: Report

 

Tags: CryptocurrenciesCyber NewsCyber News 2024CybercrimeCybersecurityJanuary 2024Mark Scottonecoin
ADVERTISEMENT

Related Posts

Lovestruck Airman Leaks Secrets on App

Russian Pro-Player Arrested in Ransomware

July 11, 2025
Lovestruck Airman Leaks Secrets on App

Four Arrested in £440M Cyber Attack

July 11, 2025
Lovestruck Airman Leaks Secrets on App

Lovestruck Airman Leaks Secrets on App

July 11, 2025
US Gov Unprecedented Cut to Cyber Budget

OpenAI Boosts Security Against Chinese IP Theft

July 10, 2025
US Gov Unprecedented Cut to Cyber Budget

US Gov Unprecedented Cut to Cyber Budget

July 10, 2025
US Gov Unprecedented Cut to Cyber Budget

US Sanctions N. Korean Andariel Member

July 10, 2025

Latest Alerts

Fake Sites Push Investment Scams

Fake Firms Push Malware on Crypto Users

Severe WordPress Flaw 200K Sites at Risk

RondoDox Botnet Exploits Router Flaws

ServiceNow Data Exposure via ACLs

Hackers Revive SEO Poisoning

Subscribe to our newsletter

    Latest Incidents

    Microsoft’s Outlook Long Outage

    Avantic Lab Affected By Ransomware

    $40M+ Stolen from GMX Crypto Platform

    Bitcoin Depot Breach Exposes Data

    McDonald’s AI Hiring Bot Exposes Data

    Nippon Steel Solutions Data Breach

    CyberMaterial Logo
    • About Us
    • Contact Us
    • Jobs
    • Legal and Privacy Policy
    • Site Map

    © 2025 | CyberMaterial | All rights reserved

    Welcome Back!

    Login to your account below

    Forgotten Password?

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In

    Add New Playlist

    No Result
    View All Result
    • Alerts
    • Incidents
    • News
    • Cyber Decoded
    • Cyber Hygiene
    • Cyber Review
    • Definitions
    • Malware
    • Cyber Tips
    • Tutorials
    • Advanced Persistent Threats
    • Threat Actors
    • Report an incident
    • Password Generator
    • About Us
    • Contact Us
    • Advertise with us

    Copyright © 2025 CyberMaterial