Self-proclaimed “cryptoqueen” Ruja Ignatova, the founding father of OneCoin — a ponzi scheme posing as a cryptocurrency, has been added to Europe’s maximum sought after record for allegedly fleeing buyers as much as $5 billion (more or less Rs. 38,630 crore) in 2017. Identified via BBC as one of the most greatest scams in crypto historical past, OneCoin used to be introduced via Ignatova in 2014 who promoted the fraudulent cryptocurrency as a “Bitcoin killer”. After its release Ignatova controlled to lift cash from buyers in 175 other nations prior to fleeing to Athens, Greece in 2017, in a while after OneCoin used to be discovered to be a full-fledged rip-off.
Ignatova hasn’t been noticed since fleeing to Greece and Europol, the European Union Agency for Law Enforcement Cooperation, is now providing a EUR 5,000 (more or less Rs. 4 lakh) praise for info resulting in Ignatova’s arrest.
OneCoin’s industry fashion functioned so much like modern-day monetary ponzi scheme — it concerned promoting tutorial cryptocurrency buying and selling programs to its participants, who had been incentivised with commissions to promote to but extra new participants.
That mentioned, there have been purple flags all alongside. For starters, OneCoin had no precise blockchain its club used to be as massive as 3 million other folks right through the height of the scheme, together with sufferers around the globe.
As a consequence, US prosecutors within the Southern District of New York charged the leaders of OneCoin with twine fraud, securities fraud, and cash laundering in 2019. This integrated Ruja Ignatova and Konstantin Ignatov, her brother, in addition to Mark Scott. Konstantin Ignatov used to be arrested in March 2019 whilst Scott used to be arrested in September 2018, alternatively Ruga Ignatova stays at massive.