Authorities have arrested one leader on Wednesday of a cryptocurrency project called OneCoin, which prosecutors allege was in fact a pyramid scheme rather than a functional currency. Konstantin Ignatov was arrested on a wire fraud conspiracy charge, while his older sister, Ruja Ignatova, has been indicted for money laundering, and wire and securities fraud, in a document unsealed yesterday. Ignatova is currently at large.

OneCoin, a Bulgaria-based company, was founded in 2014 and still has operations running today, according to the indictment. The company gave users a commission if they could convince others to buy OneCoin cryptocurrency, taking the familiar shape of a multi-level marketing scheme. It claimed to have over 3 million...

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