Dr. Ruja Ignatova, the notorious “Crypto Queen,” is when again in the crosshairs of police, as German authorities have actually put her on Europe’s most desired list.
Europol, the European Union Agency for Law Enforcement Cooperation, is using a benefit of 5,000 Euros for details resulting in the arrest of Ignatova on scams charges for getting financial investments in OneCoin, a “worthless money.”
Ignatova is thought of masterminding the Ponzi fraud behind the so-called virtual currency “OneCoin,” which produced almost €5 billion from financiers in over 170 nations by the end of 2007.
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After the OneCoin Ponzi plan was exposed in 2017, Ignatova flew to Athens and hasn't been seen because. (Daily Advent)
Europol’s Most Wanted Crypto Fugitive
The 41-year-old fugitive Ignatova released the OneCoin task in the middle of 2014, marketing it to financiers as the “Bitcoin Killer” of the future.
As with various Ponzi rip-offs, such as Arbistar and Bitconnect, Ignatova left when she felt in jeopardy, taking billions of dollars with her.
Upon the 2017 discovery that OneCoin was a Ponzi plan, Ignatova boarded an airplane to Athens and has actually not been seen because.
OneCoin is considered as among the biggest scams in the history of cryptocurrencies and works as the motivation for the BBC radio series “The Missing Crypto Queen.”
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The Fake Coin’s Over 3 Million Customers
At the height of its appeal, OneCoin declared to have more than 3 million customers around the world.
In 2019, United States district attorneys in the Southern District of New York charged OneCoin’s leaders with wire scams, securities scams, and cash laundering. This consisted of Ignatova, her bro Konstantin Ignatova, and Mark Scott.
Ignatova carried out around the world trips to promote OneCoin, advising people to invest, obtain training crypto trading courses, and make commissions for hiring brand-new financiers.
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Illegal Pyramid Scheme
In spite of all the pledges, the real result was considerably less enticing. First of all, OneCoin did not have a blockchain on which to run, implying that the coin was not actively traded and might not be utilized to make purchases since it had no payment system to support it.
The Italian Antitrust Authority acquired an injunction versus One Network Services Ltd (OneCoin) in December 2016, explaining its operations as an “illegal pyramid sales system.” However, the business’s accounts in other areas of the world were not obstructed till 2017.
Europol mentioned that OneCoin has actually triggered billions of dollars in damages worldwide, including that Ignatova and her partners might be equipped which anybody prepared to help the authorities ought to work out fantastic care.
Featured image from Daily Advent, chart from TradingView.com