OneCoin Scam timeline - where is Ruja Ignatova?

Thousands of investors lost money with OneCoin Scam. Meanwhile, OneCoin co-founder Ruja Ignatova has disappeared with a $400 million fraud allegation.

15 November 2019, AtoZMarkets Many people, including OneCoin founders, called Onecoin a cryptocurrency. However, it was just a genius Ponzi-scheme, using then the Cryptocurrency hype.

OneCoin Scam history

OneCoin succeeded due to the massive Bitcoin Bull run. The ingenious Onecoin scam specifically leveraged the Bitcoin community’s continuing promises and the slogan of “banking the unbanked.” Who knew that they would bank on the unbanked?

Starting from the Belgian Regulator warning to FCA UK’s One Coin warning, almost all the reputable regulators have issued a warning between 2017 and 2019. However, the biggest scandal broke out when OneCoin founder Ruja Ignatova disappeared. 

OneCoin investigation in the USA

Mark Scott had a big bump when he left his partnership in a big law firm. And he embarked on money laundering for a multi-billion-dollar international pyramid scheme. That is based on the fake cryptocurrency OneCoin, say federal prosecutors.

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Scott has pleaded not guilty. But, authorities accused him of using a network of fictitious companies, overseas bank accounts, and fake investment funds to hide the $ 400 million of illegal proceeds. He has also bought a 57-foot yacht, multi-million-dollar homes in Cape Cod, Massachusetts, luxury cars, including three Porsches.

The assistant attorney Julieta Lozano said it in his opening statement at Scott's criminal trial in Manhattan

“The plan brought in billions of dollars' worth of dirty money. It was the job of the defendant to clean up this money.” 

How much money did investors lose with OneCoin Scam?

According to the US government, OneCoin generated 3.4 billion euros (USD 3.8 billion) in revenue between the fourth quarter of 2014 and the third quarter of 2016. But that had no real value. And it could not use that to buy anything.

The company that operated the system, OneCoin Ltd., claimed to have more than three million members worldwide. Onecoin membership didn't come free of charge! It was a multi-level marketing network. That paid commissions to its members to recruit others to buy OneCoin packages, say prosecutors.

Scott is a former partner of Locke Lord LLP. It is a US law firm with 21 offices in Dallas, Houston, and Chicago. He was arrested in September 2018. He is charged with one count of money laundering and bank fraud conspiracy. So, he could spend years in prison if convicted.

Ruja Ignatova is one of the two people who founded OneCoin in 2014 in Sofia, Bulgaria. And she and her younger brother Konstantin Ignatov are also charged in this case. Ignatova is known at OneCoin's peak as the crypto queen. However, she disappeared in 2017 as OneCoin came under suspicion.

Who Is Ruja Ignatova?

Ignatova founded the Bulgarian company OneCoin in 2014 as part of the cryptocurrency wave. Entrepreneur Ignatova promised that OneCoin would surpass Bitcoin, giving money power to the people. The charismatic speaker conquered the crowds during various speeches of events.

Unlike the currency issued by governments, there is a limited number of OneCoins. It ensures inflation cannot affect them. And they are impossible to counterfeit. Ignatova has managed to convince investors around the world to part with billions of pounds.

What Happened To Ruja Ignatova?

At the height of OneCoin's success, Ignatova disappeared after not appearing at an event in 2017. We have not seen her since then.

However, earlier this year in America, the Justice Department of money laundering accused Ignatova. Ignatov was captured at the Los Angeles International Airport in March and is in custody. He testifies as a witness for the government.

Scott's lawyer told the jurors that his client did not know that OneCoin was based on worthless electronic money. Scott thought he was managing his legitimate investment fund with the money from his client. So, Ignatova is to blame for the fraud, he says. He did not know that OneCoin was a scam, lawyer Arlo Devlin-Brown told the jury.

Konstantin Ignatov pleaded guilty

While the crypto queen is missing, his brother pleaded guilty on the 12th of November. As a result, Konstantin Ignatov faces prison time up to 90 years.  As a part of his testimony, now all eyes are on his sister.

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