BNY Mellon Accused of Involvement in OneCoin Cryptocurrency Pyramid

The Bank of New York Mellon (BNY Mellon) has become one of the defendants in a class-action suit by investors against the organizers of the OneCoin cryptocurrency pyramid, in which $4 billion disappeared.

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Donald Berdo and Christine Grabli added BNY Mellon to the suit within days of the leak of more than 2,100 reports of suspicious activity (SARs) that global banks file with FinCEN. In two SARs, the bank flagged transactions related to OneCoin.

“Accordingly, BNY Mellon knowingly participated in or was involved in laundering OneCoin’s criminal proceeds,” the suit states.

The Bank of New York was founded in 1784 and is among the oldest banks in the United States. In 2007 the institution merged with Mellon Financial Corporation.

The court in May resumed consideration of the class-action lawsuit against the organizers of the cryptocurrency pyramid. In August, among the defendants, was excluded Konstantin Ignatov, the brother of OneCoin founder Ruja Ignatova.

The scam of the decade: how a Doctor of Legal Sciences organised the OneCoin pyramid and disappeared with billions of euros

In November 2019, a judge in the Southern District of New York found OneCoin lawyer Mark Scott guilty of laundering nearly $400 million. faces the seizure of property and assets worth nearly $393 million.

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