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The Biggest Cryptocurrency Scam $15 Billion (OneCoin)

Maybe some of you never ever became aware of OneCoin nor about Dr. Ruja “Cryptoqueen” Ignatova. OneCoin took advantage of Bitcoin going mainstream in 2014 and scammed millions out of people oddly enough the story is not over to this day.

According to the U.S government, they took around $4 billion, however some internal sources that dealt with OneCoin claim that they might take approximately $19.4 billion.

1. It start of “This girl is on fire”

When OneCoin creator was presented to the Wembley stage in front of the big crowd during her world tour, with “This woman is on fire” playing in the background. It appeared like a cult, believers that are worshiping their “God”. Dr. Ruja was an equivalent of a perfection, proficient in several languages, Ph.D. degree approved on Oxford university, appeared on a number of magazine covers including Bulgarian Forbes, Financial IT and most significantly with incredible charisma. When it comes to today, it’s apparent that the OneCoin group got close to 0 blockchain knowledge, just utilizing “Bitcoin” and “Cryptocurrency” as a buzzword to bring in more financiers. Utilizing just fundamental crypto phrases that were easy to remember. Preaching the monetary transformation, speaking about banking the unbanked, bashing banks all this with enormous charm and persuasion. Whoever tried to call OneCoin out was ruined by charismatic speakers and blind believers. They call such people “haters” or “jealous” to further manipulate fired up fans around the world. Most of the individuals got no understanding what so ever about cryptocurrency, all they had the ability to see is that OneCoin is the next Bitcoin and they can’t miss such an opportunity to get rich.

2. How it works?

Individuals could pick in between a number of education plans that cost in between EUR110 and EUR188,000. Each plan includes “tokens” which can be assigned to “mine” OneCoins. The only method to offer the tokens were thanks to the internal exchange that was for users that bought more than just a starter plan. OneCoin wanted to produce an impression that you can offer your tokens undoubtedly, there was no need so they required to put selling limits per user, to achieve that just small selloffs that could be covered by OneCoin company. Considering that 1 March 2016, the “exchange” is closed. Nevertheless, it wasn’t a real exchange. Individuals had the ability to trade the tokens for euros with OneCoin company, not with the users. Obviously, there was a substantial, correct Ponzi affiliate program. The only revenue for members is originating from inviting others and getting a commission from it. 60% in EUR and 40% in tokens, but the tokens are useless so only 60% in fiat counts.

3. Cryptocurrency without a blockchain?

OneCoin was promoted as a transformation, rival to banks and “Bitcoin killer”, however it was never ever a cryptocurrency. There was not a public blockchain nor a private one. All there was a central database of people and the tokens or more accurate we can call them “discount coupons” that victims were acquiring by buying bundles. OneCoin did manage to buy 2 blockchain audits by some unknown German legal representatives. So whenever someone challenged them that there is no proof of a blockchain they responded that they have 2 blockchain audits and all is excellent. Thanks to not having a blockchain OneCoin was never ever listed on any public exchange. According to early highly regarded Bitcoin adopter Bjorn Bjercke, he was approached in 2016 by recruitment group from China using him 250,000 $ in wage, cars and truck and two homes to become a worldwide CTO for OneCoin and develop a blockchain for them. 2 years after the so-called cryptocurrency was released they wanted someone to create a blockchain for them … Just for notice, he Refuses. What’s even funnier is that 2 weeks prior to that Dr. Ruja revealed their “new and much better blockchain” on one of their public events. To my surprise, throughout that occasion, she announced that they will increase the optimum supply and double everyone’s coins.

There was never ever a price of OneCoin, there was only a price that Ruja has come up with and everybody thought that their investment is increasing. So basic, yet so powerful.

4.” She is gone”

Individuals started to be restless even the high ranked members were waiting on regular public exchange, which would allow people to exchange their tokens for fiat or other cryptocurrencies. Nevertheless, empty promises kept them faithful. Meanwhile, Dr. Ruja was all over the place Dubai, Sofia, London, every possible nation that u can think of and the houses were packed, up until Lisbon in October 2017. Everybody was expecting her on the stage, but she never ever got here. High-ranked members, team members, and even her own sibling were shocked. From this day the FBI has 1 last record of DR. Ruja, she reserved a flight from Sofia to Athens and because that day she vanished.

5.” The scam continuous”

After Ruja flee her sibling Konstantin Ignatov took her spot. After 2 years in charge as a OneCoin CEO, he was apprehended and pleaded guilty to several charges, including cash laundering and fraud at Los Angles International Airport in March 2019. Dr. Ruja received several charges too, but she is still missing out on. You might believe “after that OneCoin can’t fraud more people”, but oh boy all is possible in the scammy world, there is still a strong base of OneCoin fans and leaders to this day. To give you point of view a petition was made to free Konstantin Ignatov and it was signed by practically 20,000 OneCoin supporters. There is still content that is coming out on a daily basis about OneCoin and it’s fantastic growth, discussing that exchange is coming soon, etc. To comprehend such an unreasonable habits from some people, I’ve listened to somebody who was participating in it. Jen McAdam bought OneCoin along with persuaded her household to invest, the final amount of cash lost grow to ₤ 216,000. Right now she is trying to expose OneCoin as much as she can to redeem herself, even tho she is getting death risks because of it.

‘ I’ve been looking over my shoulder for the last 2 and a half years. It’s very cult-like which’s what’s frightening and it gives me stress and anxiety due to the fact that you never know who would in fact act.’ -Jen McAdam for

When it concerns OneCoin individuals that were deeply involved in this scam are terrified to talk out loud about the fraud. When there is such a huge amount of money there is probably mafia included and other dark powers that we are not aware of. People that are part of the movement are told that everyone who is trying to expose OneCoin is a hater, envious or a Bitcoin giant

6. Conclusion

OneCoin is among the greatest scams in the history of frauds, not just in the cryptocurrency world. The funniest part is that it was never a cryptocurrency, to begin with. They scammed a lot of cash it could be anywhere from $5 to $19,4. The unfortunate part is that they are running to this day. They made people think that Dr. Ruja is a “God”, they made individuals believe in OneCoin, combining that with fake occasions, fake promotions and offline conferences to pump adrenaline into the people and gain their trust, they produced a monster.

That beast is scamming millions out of the bad, uneducated and greedy people it looks like it can’t be killed. People were so blind that they believed in their OneCoin fake USD balance that was revealed on the website. If this was all real and they would have the ability to sell the tokens on such rates that would take a lot of them into the leading reachest individuals on earth.

Listen to BBC full story:

The Missing Cryptoqueen:

Watch Full Documentary

Started invest in crypto since 2018. I’ve account, Binance & celsius wallet. Currently holding crypto BTC, ETH, ADA & CRO. Aiming to growth 50% per year.
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