Scam Queen Ruja Ignatova's Story in OneCoin Case - Chronicling the Saga - Episode Three (of the Crypt)
In 2014, Dr. Ruja Ignatova, a Bulgarian-German entrepreneur, introduced OneCoin, a centralized digital asset marketed as a "bitcoin-killer." Born in Bulgaria and emigrating to Germany at the age of 10, Ignatova claimed to hold a PhD in European private law and boasted work experience at McKinsey.
OneCoin's strategy was centered around early adopters increasing their initial investment multiple times. The company's products included educational trading materials like OneAcademy, OneTablet, and OneCoin Cloud. However, suspicions began to surface among some members that the project might be a scam.
The authorities started issuing warnings about OneCoin as early as 2015, urging users to evaluate all risks before investing. In April 2017, Indian police arrested 18 individuals in Navi Mumbai for organizing an OneCoin recruitment event.
In July 2016, Ignatova gathered OneCoin's believers at Wembley Stadium, and in October of the same year, she did not appear at a conference in Lisbon, Portugal. Her trail went cold after buying a flight ticket from Sofia to Athens, and since then, her exact whereabouts have remained unknown. Rumours suggest she has been hiding in protective secrecy, but no confirmed countries of residence are publicly verified.
In 2016, the Daily Mirror published an article claiming OneCoin to be a scam, cult, and "virtually worthless." Timothy Curry, a crypto enthusiast, also tried to expose OneCoin as a Ponzi Scheme. Jen McAdam's response from the OneCoin group revealed that OneCoin's blockchain technology was a SQL server with a database, not a conventional blockchain.
OneCoin's distribution model was based on multi-level marketing (MLM). The minimum investment was set at 140 pounds, and the maximum was 118,000 GBP. The company managed to attract 30 million euros in the first six months of 2016.
In November 2019, Ignatov pleaded guilty to multiple charges, including money laundering and fraud. Konstantin Ignatov, a co-founder of OneCoin, was arrested at the airport of Los Angeles in March 2019. Tragically, two former OneCoin promoters were found dead in Mexico in June 2020, with the cause of death being suffocation.
The BBC investigation suggested that Ruja Ignatova might be in Frankfurt, Germany. As the investigation continues, the story of OneCoin serves as a reminder of the importance of due diligence and risk evaluation when investing in new ventures.
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