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Ruja Ignatova, the so-called “Cryptoqueen,” was the mastermind behind OneCoin, one of the biggest cryptocurrency scams in history.

The OneCoin Scam: A Multi-Billion Dollar Fraud

What Was OneCoin?

OneCoin was launched in 2014 by Ruja Ignatova and her business partner Karl Sebastian Greenwood. It was marketed as the next big thing in cryptocurrency, promising investors huge returns and an opportunity to be part of a revolutionary financial system.

However, unlike Bitcoin and other legitimate cryptocurrencies, OneCoin had no real blockchain or decentralized network. Instead, it was a Ponzi scheme that relied on recruitment and membership fees rather than any actual trading or mining of cryptocurrency.

How the Scam Worked

OneCoin followed a multi-level marketing (MLM) model, where investors were encouraged to buy educational packages that ranged from a few hundred to several thousand dollars. These packages were supposed to teach users about cryptocurrency, but in reality, they were just a front to sell OneCoin tokens.

Here’s how it worked:

1. Investors purchased OneCoin educational packages, which gave them tokens that could supposedly be used for mining OneCoins.
2. These OneCoins existed only within the OneCoin system and could not be traded on any real cryptocurrency exchange.
3. Early investors were encouraged to recruit others, earning commissions based on the money new investors put in.
4. As the scheme grew, billions of dollars flowed in from unsuspecting investors who believed they were buying into a legitimate cryptocurrency.

The problem? OneCoin was worthless. It had no blockchain, no independent verification, and no real liquidity.

How Much Money Was Stolen?

OneCoin is estimated to have defrauded investors of over $4 billion worldwide. Some estimates suggest the figure could be as high as $15 billion. The scam targeted people in more than 175 countries, including the UK, the US, China, Germany, Kenya, Uganda, Nigeria, South Africa, and India.

Signs That OneCoin Was a Scam

1. No Blockchain – Unlike Bitcoin, which has a public ledger, OneCoin had no blockchain technology behind it. All transactions were controlled by the company.
2. No Real Trading – OneCoins could only be traded on a private exchange called “OneCoin Exchange,” which was controlled by the company. In 2017, this exchange was shut down.
3. MLM Recruitment Model – Investors made money by recruiting new members, a classic feature of Ponzi and pyramid schemes.
4. Fake Price Manipulation – The price of OneCoin was set internally by the company, not by market supply and demand.

The Fall of OneCoin and Ruja Ignatova’s Disappearance

2017: The Beginning of the End

As authorities worldwide began investigating OneCoin, Ruja Ignatova vanished in October 2017. She boarded a flight from Sofia, Bulgaria, to Athens, Greece, and has not been seen since.

Following her disappearance:

• Her brother, Konstantin Ignatov, took over OneCoin but was arrested in 2019. He later pleaded guilty and cooperated with authorities.
• Karl Sebastian Greenwood, her business partner, was arrested and sentenced to 20 years in prison in 2023.
• Mark Scott, a lawyer who helped launder OneCoin’s money, was convicted in the US.
• OneCoin offices were raided and shut down in multiple countries, but some OneCoin promoters still operate in certain regions.

Where Is Ruja Ignatova Now?

No one knows for sure. Some theories suggest:

1. She changed her appearance and is living under a new identity in Europe or the Middle East.
2. She was killed by criminal organizations to keep her silent.
3. She is hiding under state protection in a country that refuses to extradite her.

In 2022, the FBI placed her on its Ten Most Wanted Fugitives list, offering a $100,000 reward for information leading to her arrest.

Lessons from the OneCoin Scam

Ruja Ignatova’s story is a cautionary tale about how easily people can be deceived by crypto scams. Key takeaways:

• Do your research before investing in any cryptocurrency project.
• Beware of get-rich-quick schemes—if something sounds too good to be true, it probably is.
• Real cryptocurrencies are decentralized—if a company fully controls the coin’s value and transactions, it’s a red flag.