The story of one of probably the most influential crypto scams to date, the OneCoin Ponzi scheme, is not one that you tell quickly. But CMC's got the perfect visual summary for you! 🎨 Follow the story in just under 1 minute! 👇
In 2014, Ruja Ignatova and Sebastian Greenwood founded OneCoin in Sofia, Bulgaria. The promise was that OneCoin would become bigger and better than Bitcoin and a new revolutionary cryptocurrency. It ticked all the boxes a "better" coin had to tick:In reality, it was merely an MLM scheme founded on selling plagiarized educational materials and using the "coin" as a front to lure people in.
Although OneCoin was at its peak in 2016 the second-biggest cryptocurrency by market capitalization, several central banks cautioned against investing in it. That did not stop the founders from living a lavish lifestyle. Ruja Ignatova reportedly purchased real estate and fine art in London and had entertainment stars perform for her birthday at private parties.
In 2018, the OneCoin headquarters in Sofia, Bulgaria, were raided. The same year, co-founder Sebastian Greenwood, an experienced scam artist before launching OneCoin, was arrested in Thailand. Ruja Ignatova has been added to the top ten most wanted list in the summer of 2022. However, neither her brother nor her co-founder seems to know about her whereabouts.
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