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ONECOIN: The Scam That Lives On #88

ONECOIN: The Scam That Lives On #88

Released Monday, 30th December 2019
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ONECOIN: The Scam That Lives On #88

ONECOIN: The Scam That Lives On #88

ONECOIN: The Scam That Lives On #88

ONECOIN: The Scam That Lives On #88

Monday, 30th December 2019
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“As alleged, these defendants created a multibillion-dollar ‘cryptocurrency’ company based completely on lies and deceit. They promised big returns and minimal risk, but, as alleged, this business was a pyramid scheme based on smoke and mirrors more than zeroes and ones. Investors were victimized while the defendants got rich.”


This statement was released by Manhattan U.S. Attorney Geoffrey S. Berman after announcing the arrest of the current leader of the company Onecoin, Konstantin Ignatov, on the 6th May of 2019 at Los Angeles International Airport.


Investigators from the Internal Revenue Service - Criminal Investigation (IRS-CI) branch and the Federal Bureau of Investigation (FBI) have proven Onecoin to be, in fact, an international pyramid scheme. (Worse than BitConnect? Leader of Billion Dollar Cryptocurrency Pyramid Scam “OneCoin” Arrested, 2019)


According to the investigations, from 2014 to 2016, Onecoin conned around 3 million people worldwide by creating a pyramid scheme based on fraudulent claims. By misleading purposely their investors, the organisation has generated around 4 billion US dollars worldwide from victims between the fourth quarter of 2014 and the third quarter of 2016, according to US prosecutors.


Onecoin was founded by Ruja Ignatova with her business partner, Sebastian Greenwood in 2014 in Sofia, Bulgaria. Ruja Ignatova assumed the role of CEO until her disappearance in 2017. After her disappearance from the public eye in 2017, her brother, Konstantin Ignatov, inherited the leadership of the company and continued directing it as CEO until his arrest in March of 2019. So where is Ruja? And more importantly, where is their money – and will they ever see it again. Join me as we look at one of the greatest crypto scams to date.

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