One coin scam by cryptoqueen : Ruja Ignatova

As Cryptoqueen, Ruja Ignatova claimed to have created the largest pyramid scheme in history, and that she had developed her own cryptocurrency. While Ignatova disappeared in 2017, his brother Konstantin Ignatov was arrested in 2019. The world met her as she traveled to many cities and attracted investors to her cryptocurrency.

Bulgarian Financial Audit Commission published a warning about the risks of the cryptocurrency industry in 2014. Many people did not listen to them and joined Ignatova's pyramid scheme instead.

As Ignatova's rise increased, she traveled extensively to present Onecoin at public forums. Particularly in the United Kingdom, her work saw a significant increase in investment into this cryptocurrency scam - by June 2016, almost $30 million was funnelled into Onecoin. It wasn't just UK investors however, with reports of people from Pakistan, Norway, Uganda and Palestine having also fallen prey to this complex network. Despite warnings issued by British newspapers, these warnings were not heeded by those already interested in investing.

In order to dispel people's doubts, she told them that Onecoin would surpass Bitcoin and that Bitcoin users would be jealous.

Criminal history of Cryptoqueen

As a digital currency, OneCoin was marketed as legitimate, but it was a pyramid scheme that funded payouts to existing investors by recruiting new investors. At numerous conferences and events around the world, Ignatova promoted OneCoin, a cryptocurrency she was a PhD in law from the University of Oxford.Investors were lured in by the promise of making quick profits when she promised them huge returns on their investments.

As a result of investigations conducted by law enforcement agencies in several countries in 2017, it was discovered that OneCoin was a scam. The cryptocurrency did not exist, and the whole scheme was a ruse to defraud investors.Following the disclosure of the scheme, Ignatova disappeared and has been on the run ever since. As of 2017, Ignatova was indicted on charges of wire fraud, securities fraud, and money laundering. Using the OneCoin scheme, she defrauded investors out of over $4 billion. In 2019, OneCoin executive Mark Scott was convicted of laundering $400 million through the scheme, and Ignatova is believed to have played an important role.As well as running a criminal organization, Ignatova is also accused of fraud, money laundering, and running a criminal organization in absentia in Germany. Ignatova is believed to have played a key role in the operation of laundering money for criminal organizations using OneCoin, according to German authorities.Law enforcement agencies around the world have made extensive efforts to locate Ignatova, but she remains at large. Therefore, she has been charged with wire fraud, securities fraud, money laundering, running a criminal organization, and participating in a multi-billion dollar cryptocurrency scam.

Global Investments

Onecoin was invested in without hesitation by people from many different backgrounds. Daniel, for example, from a farming family in Uganda, invested 700 thousand Ukrainian Shillings, which he had earned over the years. As a result of the decline in European investments in Uganda, there were many African investors after the decline in European investments in 2017. Onecoin has even been invested in by influential bishops in some African countries.

Investing in Onecoin with his friends was the result of a 250,000 Euro investment by Jane McAdam from Scotland. McAdam was impressed by Ruja Ignatova's Oxford graduation and doctorate, so he and his friends invested a total of 250,000 Euros in Onecoin. McAdam became suspicious of this fake cryptocurrency months later thanks to a man who contacted him online.

Ruja Ignatova's Disappearance

The investors expressed their concerns as doubts began to rise around the world. On this time, it was announced that Dr. Ruja Ignatova would make a statement at the event in Lisbon, Portugal. The event was held in Lisbon, Portugal. In spite of the excitement among the participants, Dr. Ruja did not attend after that day. Before she disappeared, she made a profit totaling $ 4 billion and bought expensive properties.

According to FBI records, she boarded a flight from Sofia to Athens 2 weeks after the incident.

It was the brother of Dr. Ruja, Konstantin Iganov, who was arrested after the warrant for arrest was issued. After Konstantin Iganov who was brother of Dr  Ruja Ignatova was arrested in 2019, he pleaded guilty to money laundering, fraud, many others and was sentenced to 90 years in prison.

Where is Dr Ruja Ignatova The cryptoqueen?

Dr. Ignatova was last seen in public in October 2017 at a conference in Lisbon, Portugal. Shortly after, she disappeared and has not been seen or heard from since. Her disappearance has sparked much speculation and controversy within the cryptocurrency community. For her involvement in the scheme, Ignatova is sought by authorities in both Germany and the United States. Although law enforcement agencies have been searching extensively for her, she has not been found and her current location remains unknown.

In 2019, Dr. Ignatova was indicted by the United States Department of Justice on charges of wire fraud, securities fraud, and money laundering related to her involvement with OneCoin. The charges allege that OneCoin was a multi-billion dollar Ponzi scheme, and that Dr. Ignatova played a key role in promoting and profiting from the scam.

Since her indictment, there have been various reports of sightings of Dr. Ignatova in different countries, but none of these reports have been confirmed. It is unclear whether she is in hiding or has fled the country to avoid prosecution.

Regardless of her current location, the allegations against Dr. Ignatova and the downfall of OneCoin serve as a cautionary tale about the risks and pitfalls of investing in cryptocurrency and other high-risk ventures. It is important for individuals to exercise caution and conduct thorough research before making any investment decisions.

Cryptocurrency scams similar to OneCoin have been perpetrated by a number of individuals, but none have gained the same notoriety as Ruja Ignatova.

In 2016, the Bitconnect Ponzi scheme promised investors huge returns on their investments and operated from 2016 to 2018. As a result of the Bitconnect scheme, the exchange was closed in 2018 and several individuals were arrested. So, the actual mastermind behind the Bitconnect scam was  not identified.

So always be careful in cryptocurrencies.