Argentina Sentences 12 Onecoin Individuals, Faces $1.84B UK Claim, and Blocks Polymarket Access

Argentina sentenced 12 individuals involved in the Onecoin Ponzi scheme to up to 9 years in prison, with compensation ordered to victims. The sentences follow a 2020 complaint from a victim who had lost approximately $70,000 to the scheme. The court also ordered $82,000 in compensation to be paid to the victims. According to court records.

The individuals, part of the Argentine arm of the Onecoin operation based in Cordoba, confessed to their roles in the fraud. Most of them were arrested in 2020. Another case involving bank employees who allegedly laundered funds from the scam is still being processed in the courts. As reported.

Separately, a UK court is hearing a $1.84 billion claim against Argentina from four hedge funds. The claim is based on a 2023 ruling in favor of the funds, which argue that Argentina breached a court order related to GDP-linked securities. Argentina has not complied with the order to publish GDP data as required under the terms of the securities. According to Reuters.

Why Did This Happen?

The Onecoin scheme, a long-running cryptocurrency Ponzi scheme, was first uncovered in Europe and has since led to legal actions in multiple jurisdictions. Argentina's legal system has taken steps to hold individuals accountable, with the recent sentencing of 12 people involved in the local operation. According to court records.

The UK claim against Argentina centers on euro-denominated securities issued during Argentina's 2005 debt restructuring. These securities were designed to pay higher returns if GDP growth exceeded certain thresholds. The four hedge funds argue that Argentina violated its obligations by failing to publish the required GDP data. As reported.

How Did Markets React?

Argentina recorded a fiscal surplus of $1.01 billion in February, the second consecutive month of surplus. Economy Minister Luis Caputo attributed the surplus to a tax amnesty law and labor reforms that are expected to increase economic formalization. According to financial reports.

In a separate regulatory move, Argentina has blocked access to Polymarket, a crypto-based prediction market, following a court order. The move was triggered by a complaint from the Buenos Aires Lottery, which argued that the platform posed regulatory and compliance risks. Google and Apple have also been ordered to remove Polymarket's apps from their stores in Argentina. According to regulatory filings.

What Are Analysts Watching Next?

Investors are closely monitoring the ongoing legal battles involving Argentina. The UK court claim could further strain the country's finances and affect its credit rating. Meanwhile, the Onecoin-related cases highlight the continued global effort to prosecute individuals involved in the scheme. According to Reuters.

A separate legal matter involves Trip.com Group, which faces a securities class action lawsuit. The lawsuit alleges that the company and its executives made misleading statements about regulatory risks, particularly regarding an antitrust investigation in China. Investors who purchased shares during the relevant period have until May 11, 2026, to file a lead plaintiff motion. As reported.

Bitcoin Depot also reported strong financial results for the fourth quarter of 2025, posting a net income of $5.121 million and a positive cash flow of $33.981 million for the year. The company outlined several key adjustments to reconcile net income to cash flow, including depreciation and amortization expenses. According to financial statements.