Self-proclaimed “cryptoqueen” Ruja Ignatova, the founding father of OneCoin — a ponzi scheme posing as a cryptocurrency, has been added to Europe’s most wished checklist for allegedly fleeing traders as much as $5 billion (roughly Rs. 38,630 crore) in 2017. Recognized by BBC as one of many largest scams in crypto historical past, OneCoin was launched by Ignatova in 2014 who promoted the fraudulent cryptocurrency as a “Bitcoin killer”. After its launch Ignatova managed to lift cash from traders in 175 completely different international locations earlier than fleeing to Athens, Greece in 2017, shortly after OneCoin was discovered to be a full-fledged rip-off.
Ignatova hasn’t been noticed since fleeing to Greece and Europol, the European Union Company for Legislation Enforcement Cooperation, is now providing a EUR 5,000 (roughly Rs. 4 lakh) reward for data resulting in Ignatova’s arrest.
OneCoin’s enterprise mannequin functioned rather a lot like modern-day monetary ponzi scheme — it concerned promoting academic cryptocurrency buying and selling packages to its members, who have been incentivised with commissions to promote to but extra new members.
That stated, there have been purple flags all alongside. For starters, OneCoin had no precise blockchain its membership was as giant as 3 million individuals throughout the peak of the scheme, together with victims throughout the globe.
Because of this, US prosecutors within the Southern District of New York charged the leaders of OneCoin with wire fraud, securities fraud, and cash laundering in 2019. This included Ruja Ignatova and Konstantin Ignatov, her brother, in addition to Mark Scott. Konstantin Ignatov was arrested in March 2019 whereas Scott was arrested in September 2018, nevertheless Ruga Ignatova stays at giant.
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