Onecoin Cybercrime Crypto Scam
In 2014 Ruja Ignatova launched Onecoin a MLM/Cryptocurrency promising to bring on a financial tech revolution. Onecoin was promoted by effective marketing in 2017 and netted $4 billion from international investors. Those investors were duped into a large cybercrime ponzi scam.
Onecoin did turn out to be a mega huge cybercrime scam. When law enforcement caught on to this cybercrime, Ignatova went underground and hasn’t been seen since. Ignatova owns various properties and a luxury yacht around a coastal town in Bulgaria.
Onecoin was considered a Ponzi scheme, both due to its organizational structure and because of many of the people who are central to Onecoin have previously been involved in other similar Ponzi cybercrime schemes.
In January 2018 Bulgarian police raided Onecoin’s office in Sofia, Bulgaria, based at the request of the prosecutor’s office in Bielefeld, Germany. The German police took part in the bust and the investigation and were confronted with one of the biggest cybercrime scams in recent years. Also, 14 other companies, tied to Onecoin, were investigated and 50 witnesses were questioned. Onecoin’s servers and other material evidence were seized.
CEO charged for duping investors
10 July 2017, a director/ CEO was charged in India with duping investors as a part of the Indian Investigation.
Assets seized in China
In Hungary, the Central Bank has issued a cybercrime warning that Onecoin is a pyramid scheme And in China, several members and investors of Onecoin were arrested in 2016 and $30.8 million USD of assets were seized. China is a tough country to operate an MLM business in.
In 2017 one CEO of Onecoin Ltd. claimed that Onecoin being licensed by the Vietnamese government, had legal rights to be used in Vietnam as a digital currency and being the first cryptocurrency in Asia officially licensed by any government.
20 June 2017 the Ministry of Planning and Investment of Vietnam issued a statement that the document which Onecoin used as proof was forged. They stated that the document was against the MPI regulations and that the person who supposedly signed the document was not in the position claimed by the document at the time when the document was created.
MPI warned individuals and enterprises to be vigilant if they encounter the document during business
IFSC warning of an unlicensed trading business
29 May 2017 International Financial Services Commission of Belize (IFSC) issued a warning about Onecoin Ltd conducting trading business without license or permission from IFSC or any other authority. Onecoin Ltd was directed to cease and desist from carrying on with the illegal trading business.
British newspapers called Onecoin ‘virtually worthless’
The British newspaper Daily Mirror wrote that Onecoin is a get-rich-quick scheme scam and a cult, calling it “virtually worthless”. Bitcoin.com has given detailed evidence that Onecoin is an extensive Ponzi scheme scam.
Many people along the way have been paid off to keep quiet about this missing ‘Crypto Queen’ $400 million is missing.
ICIA’s Track & Trace & CBI team (Cryptocurrency and Bitcoin Investigation) are looking into this case.
Any details of Ruja Ignatova can be reported to CYBERPOL CIB