Fact-checked by Grok 2 weeks ago

OneCoin


OneCoin was a fraudulent investment scheme masquerading as a cryptocurrency, launched in 2014 by Bulgarian national Ruja Ignatova and British marketer Karl Sebastian Greenwood, which promised high returns through a purported blockchain-based digital currency but operated without any underlying blockchain technology or transferable coins.
The operation relied on multi-level marketing recruitment, where participants purchased educational packages and "OneCoins" that held no real value, defrauding over 3 million investors worldwide of approximately $4 billion before collapsing amid regulatory scrutiny.
Ignatova, dubbed the "Cryptoqueen," disappeared from public view in October 2017 shortly before U.S. authorities filed charges, and she remains at large as one of the FBI's Ten Most Wanted fugitives with a $5 million reward for information leading to her arrest.
Several key figures, including Greenwood who received a 20-year prison sentence in 2023 for wire fraud and money laundering, have been convicted in U.S. federal courts, highlighting the scheme's structure as a classic pyramid operation dependent on new investor funds rather than genuine economic activity.

Founders and Leadership

Ruja Ignatova

Ruja Plamenova Ignatova, born on May 30, 1980, in , is a Bulgarian-German national recognized as the primary founder of OneCoin, a fraudulent scheme that defrauded investors of approximately $4 billion worldwide starting in 2014. Ignatova, often dubbed the "Cryptoqueen," orchestrated the operation alongside co-founder Karl Sebastian Greenwood, positioning OneCoin as a superior alternative to through high-profile seminars and tactics. Ignatova pursued advanced education in , earning a PhD from the in and a Master of Juris in from the . Prior to launching OneCoin, she worked as a consultant at in , , and engaged in financial services, leveraging her academic credentials to build credibility in entrepreneurial circles. These qualifications were prominently featured in OneCoin's promotional materials, where Ignatova presented herself as "Dr. Ruja" to emphasize expertise in private , , and . In late 2014, Ignatova established OneCoin Ltd. in , initially promoting the scheme from with promises of -based tokens that would disrupt traditional finance. She conducted lavish events, including a 2016 Wembley Arena presentation in attended by thousands, where she claimed OneCoin had surpassed in value and adoption, despite lacking a functional public or verifiable trading mechanism. Internal documents and victim testimonies later revealed OneCoin operated as a , with funds from new recruits funding returns to earlier investors rather than genuine development. U.S. authorities allege Ignatova laundered proceeds through luxury purchases, including properties in , , and the , and facilitated money transfers exceeding $110 million via Bulgarian banks. She was charged by the U.S. Department of Justice in 2017 with wire fraud, , and conspiracy, following investigations triggered by investor complaints and regulatory scrutiny. Ignatova vanished on October 25, 2017, after boarding a flight from Sofia to Athens at Frankfurt Airport, Germany; her subsequent movements remain unknown. In June 2022, the FBI added her to its Ten Most Wanted Fugitives list—the first cryptocurrency fraud perpetrator to receive this designation—offering a reward of up to $5 million for information leading to her arrest and conviction, supplemented by a U.S. Department of State bounty under the Transnational Organized Crime Rewards Program. As of 2024, she remains at large, with Interpol issuing a red notice at Germany's request, though unconfirmed sightings in places like South Africa and Russia have not yielded leads.

Sebastian Greenwood

Karl Sebastian Greenwood, a dual citizen of the and , served as a co-founder and primary promoter of OneCoin, a fraudulent scheme that defrauded investors of over $4 billion worldwide. Greenwood, who positioned himself as a "master distributor," focused on recruiting networks of promoters through tactics, emphasizing OneCoin's purported revolutionary technology despite its absence of any functional public ledger or transferable tokens. Greenwood's promotional efforts included lavish events, such as conferences where he and associates showcased luxury lifestyles funded by investor funds, drawing in participants with promises of exponential returns on "educational packages" that bundled non-tradable OneCoins. He personally benefited from the scheme, receiving commissions that contributed to his orchestration of wire and activities spanning from OneCoin's launch in 2014 through at least 2016. U.S. authorities charged that Greenwood knew OneCoin lacked legitimate infrastructure, as internal documents revealed no operations or decentralized verification, yet he continued to market it as a viable rivaling . In December 2018, Greenwood was arrested in on a U.S. warrant as part of the investigation into OneCoin's pyramid structure, which relied on recruitment rather than product value. He was extradited to the and, on December 16, 2022, pleaded guilty in federal court to conspiracy to commit wire fraud and , admitting his role in deceiving approximately 3.5 million investors across more than 175 countries. On September 12, 2023, U.S. District Judge Edgardo Ramos sentenced Greenwood to 20 years in prison, followed by three years of supervised release, and ordered forfeiture of $300 million in proceeds, reflecting the scheme's scale and his central involvement.

Other Key Associates

Konstantin Ignatov, the brother of , assumed a leadership role in OneCoin following her disappearance in October 2017, overseeing operations and promoting the scheme to investors through public events and internal communications. He was arrested at on March 6, 2019, on charges of wire fraud conspiracy for his role in the fraud, which involved misrepresentations about OneCoin's value and infrastructure. Ignatov pleaded guilty in November 2019 to wire fraud and conspiracy, admitting to facilitating the scheme's continuation after his sister's flight. On March 5, 2024, he was sentenced to time served—34 months in custody—plus three years of supervised release and ordered to forfeit $1.1 million, reflecting cooperation with authorities including testimony against other participants. Irina Dilkinska served as OneCoin's purported Head of Legal and Compliance starting around 2014, a position she used to provide a veneer of legitimacy while assisting in the concealment of proceeds. She helped executives launder hundreds of millions of dollars, including by arranging transfers through offshore entities and fabricating compliance documents to reassure promoters and investors. Dilkinska was arrested in in March 2023 and extradited to the , where she pleaded guilty to wire and money laundering conspiracy. In April 2024, she received a four-year sentence, followed by three years of supervised release, and was ordered to forfeit $111 million, underscoring her integral role in sustaining the structure despite awareness of its fraudulent nature. Mark Scott, a former equity partner at the Locke Lord LLP, acted as an external advisor and launderer for OneCoin, processing approximately $400 million in proceeds between 2014 and 2016 through accounts he controlled. He facilitated transfers to offshore banks and created false documentation, such as doctored attorney letters, to disguise the funds' illicit origins and enable further investment recruitment. Convicted in November 2019 of conspiracy to commit and after a , Scott was sentenced on January 25, 2024, to 10 years in prison, three years of supervised release, and forfeiture of $390 million, with appeals denied including by the U.S. in October 2025. His involvement highlighted how professional enablers integrated OneCoin into legitimate financial systems to perpetuate the scam.

Origins and Initial Claims

Conceptual Foundation

OneCoin was conceptualized by as a revolutionary intended to surpass by addressing its perceived shortcomings, such as slow transaction speeds and limited accessibility for everyday users. Ignatova, who held a in private from the , positioned OneCoin as the "Bitcoin killer," promising a more efficient, user-friendly alternative that could achieve mass adoption globally. The scheme's foundational pitch emphasized financial empowerment, particularly for unbanked populations in emerging markets like and , by combining investment with mandatory educational training on blockchain technology and digital finance. At its core, the concept revolved around a purported blockchain-based system that would enable with enhanced security, lower costs, and reduced volatility compared to , which Ignatova criticized for its complexity and energy inefficiency. Promotional materials and Ignatova's speeches, including at events like the 2016 Wembley Arena gathering, claimed OneCoin would foster a "one world, one coin" economy, integrating seamlessly into daily commerce while generating wealth through appreciation and referral incentives. This vision was underpinned by a structure, where participants purchased "knowledge packs"—bundled training courses and virtual OneCoins—to learn about the system and recruit others, ostensibly democratizing access to profits. The foundational claims extended to assertions of technological superiority, with OneCoin described as having a proprietary that processed transactions faster and more scalably than Bitcoin's, without the need for , thereby appealing to non-technical users seeking stable digital assets. Ignatova's framed the project as a socially beneficial innovation, launched in late 2014 from , aimed at bridging financial divides in regions underserved by traditional banking. However, these conceptual promises were integral to attracting over $4 billion in investments from more than 3 million participants worldwide, as later evidenced in U.S. federal indictments.

Launch and Early Promotion

OneCoin was founded in late 2014 by , a Bulgarian entrepreneur with a PhD in private from the , who presented it as a superior alternative to designed to facilitate global payments with lower fees and greater accessibility. Ignatova, along with co-founder Sebastian Greenwood, established the scheme through offshore entities like OneCoin Ltd., initially basing operations in , . The launch emphasized educational materials on trading and investing, which were packaged and sold to recruits as entry points, often plagiarized from public sources but marketed as proprietary knowledge. Early promotion relied on (MLM) tactics, where participants were incentivized to recruit others by purchasing packages starting at around €100 for basic training up to higher tiers promising access to OneCoin tokens. Ignatova leveraged her professional credentials, including claimed affiliations with and , through webinars and small-scale seminars to build credibility and attract initial investors, particularly in and among networks wary of traditional banking. By mid-2015, promotional efforts expanded internationally, with events such as a gathering in in May 2015 drawing in experienced MLM promoters like Igor Alberts, who mobilized their sales networks to distribute educational packages and promote OneCoin as the "Bitcoin killer." The scheme's initial marketing avoided direct coin sales in favor of "knowledge packs," which purportedly prepared users for mining and trading OneCoin, while claiming a total supply of 120 billion tokens secured by a proprietary blockchain. This approach facilitated rapid recruitment without immediate scrutiny of the underlying technology, as early participants focused on recruitment commissions rather than verifiable transactions. Within the first year, OneCoin gained traction primarily through personal networks and online promotions, setting the stage for larger events by 2016, though doubts about its legitimacy began surfacing among cryptocurrency enthusiasts due to the absence of a public blockchain explorer or independent verification.

Operational Structure

Investment Packages and Token System

OneCoin solicited investments through tiered packages marketed as educational memberships, which bundled cryptocurrency training materials with allocations of OneCoins or mining tokens. These packages served as the primary entry point for participants, enabling access to the OneAcademy platform for purported learning on and trading while granting rights to "mine" additional OneCoins. Participants purchased packages via wire transfers to OneCoin-controlled accounts, often recruited through a structure that rewarded commissions for enrolling others in similar purchases. Package tiers escalated in cost and purported benefits, with entry-level options starting around €100 and premium levels reaching €225,000, including high-end variants like the package valued at up to €118,000. Higher-tier packages included greater numbers of and advanced educational content, though much of the material was plagiarized or superficial. The system generated over $4 billion from approximately 3.5 million global participants between late and , with packages emphasizing future tradability and value appreciation to incentivize . The token system purported to facilitate of OneCoins using tokens from packages, positioning participants in simulated "mining pools" managed by servers. In reality, no decentralized underpinned the tokens or coins; was a software-based allocating "fake coins" alongside illusory "mined" and "real mined" categories, with no verifiable or external validation. OneCoin operators manually inflated the internal value of coins from €0.50 at launch to €29.95 by January 2019, ensuring unidirectional price increases independent of or supply dynamics. Tokens remained non-transferable outside the closed OneCoin until the introduction of the fraudulent Xcoinx , which further perpetuated the without enabling genuine .

Multi-Level Recruitment Model

OneCoin utilized a (MLM) framework to drive participant engagement, wherein promoters purchased tiered educational packages purportedly granting access to OneCoin and training materials, with earnings primarily generated through rather than token appreciation or external trading. These packages ranged in price from entry-level options around €100 to higher tiers exceeding €5,000, enabling promoters to resell them to recruits while receiving direct commissions on those sales. The structure incentivized exponential downline building, as promoters earned residual commissions—typically a of package purchases made by indirectly recruited members across multiple levels—creating a hierarchical on ongoing influxes of new participants to sustain payouts. This recruitment-centric model exhibited pyramid scheme characteristics, as documented in U.S. federal indictments, with compensation flowing upward from recruits' investments into packages that delivered no verifiable functionality or liquidity. Promoters advanced through qualification thresholds based on downline volume, unlocking higher commission rates and bonuses, but the system's viability hinged on recruitment velocity rather than product demand or token utility. U.S. authorities emphasized that OneCoin's operated without a legitimate underlying asset, leading to over $4 billion in global inflows funneled through recruitment commissions before collapses in participant trust. Co-founder Sebastian Greenwood, who pleaded guilty to wire fraud and in 2022, orchestrated promotional events and incentives to accelerate downline expansion, further entrenching the model's reliance on solicitation over substantive value creation.

Internal Revenue and Fund Flows

OneCoin's primary revenue stemmed from participants purchasing tiered "knowledge" packages, priced from approximately €100 for starter levels to €118,000 for premium executive tiers, bundled with purported educational materials and non-tradable OneCoin tokens. These sales, facilitated through a multi-level marketing (MLM) framework, generated over €3.3 billion in revenue between 2014 and 2016, with total investor losses estimated at $4 billion globally. No legitimate mining or external trading occurred; instead, "mining" packages were additional internal purchases that yielded unverifiable tokens without real economic value. Fund flows operated as a classic mechanism, where incoming payments from new funded commissions to existing members based on volume and downline activity. Participants received tiered commissions—typically 5-10% direct referral bonuses plus overrides from subtree sales—creating incentives for exponential rather than product utility. Higher-level promoters, including co-founder Sebastian Greenwood, amassed personal gains exceeding tens of millions through these distributions, while the structure ensured early entrants profited at the expense of later ones. Centralized control by founders Ruja Ignatova and associates directed substantial portions of inflows to offshore entities in , , and for operational costs, personal enrichment, and laundering. Over $400 million in proceeds were routed through shell companies and wire transfers, including via U.S. correspondent banks, to obscure origins and facilitate withdrawals for assets. Absent external or verification, the system's sustainability relied solely on continuous influxes, collapsing when recruitment slowed around 2017.

Technological Assertions Versus Evidence

Claimed Blockchain Infrastructure

OneCoin promoters asserted that the scheme operated on a private , defined as a digital ledger capable of identifying individual OneCoins and recording transactions securely. This infrastructure was claimed to underpin a legitimate system, with mining conducted via servers maintained by the company to generate coins. The total supply was promoted as approximately 120 billion coins, available for and utilization in payments through an integrated e-wallet application. Ruja , in a July 2015 webinar, emphasized the technology's readiness for global markets, including the , as part of broader promotional efforts. Ignatova further positioned OneCoin as superior to , labeling it the "Bitcoin killer" during a 2016 event at , where she described it as destined to become the world's largest , facilitating universal payments. The coin's value was said to fluctuate based on market , with reported rises from an initial €0.50 to €29.95 per coin by early 2019.

Actual System Architecture

OneCoin operated on a system rather than a decentralized , with coin generation controlled entirely by the company's leadership through internal scripts and arbitrary allocations. Unlike legitimate cryptocurrencies such as , which rely on proof-of-work distributed across a of nodes, OneCoin's "coins" were fabricated and assigned values manually, without any computational process or validation. By March 2015, leaders had begun allocating "fake coins" to participants that did not exist on any purported , rendering the system a closed, company-managed ledger devoid of external verifiability. The backend infrastructure resembled a standard , such as , where coin creation was scripted programmatically rather than generated through cryptographic consensus mechanisms. Internal communications and analyses revealed that the platform used software to simulate pools, but no actual hardware-based occurred, with all operations centralized under OneCoin Ltd.'s control in locations like , . Transactions were recorded in a private, non-public accessible only to the company, lacking the of a technology; participants could view balances via or portals, but these were not independently auditable or transferable outside the ecosystem. Coin values were not determined by market dynamics or supply scarcity but set unilaterally by executives, escalating from €0.50 per coin in early promotions to €29.95 by January 2019 through internal adjustments, further underscoring the absence of algorithmic or decentralized governance. This architecture facilitated the scheme's pyramid-like structure, where new investor funds funded payouts and "mining packages," but the underlying system provided no intrinsic value or security, as confirmed in U.S. federal indictments and sentencing documents. Independent technical examinations, including those referenced in court proceedings, affirmed the system's reliance on a modifiable central database, enabling leaders to manipulate records at will without cryptographic immutability.

Verification Failures and Audits

OneCoin's claimed blockchain infrastructure was inherently unverifiable due to its private, centralized design, which contrasted with the transparent, distributed ledgers of legitimate cryptocurrencies like Bitcoin. Company leaders, including Ruja Ignatova and Sebastian Greenwood, internally acknowledged this deficiency; by June 2015, they exchanged emails discussing the allocation of OneCoins to members that "did not even exist in OneCoin's purported private blockchain," explicitly referring to these tokens as "fake coins." This internal terminology underscored that the system relied on a controlled database rather than a functional blockchain, where coin creation and transactions could not be independently audited or replicated externally. No independent third-party audits ever validated the blockchain's security, immutability, or coin supply, despite promotional assurances of forthcoming transparency measures. OneCoin released a self-promoted "audit report" in May 2015 from Semper Fortis Ltd., asserting verification of a blockchain with over 4 million blocks and purported hashing power, but this document was limited to internal data review without public access or cryptographic proof, and the auditing firm's ties to Morison International raised questions of impartiality given the absence of broader industry recognition for blockchain expertise. U.S. Department of Justice investigations confirmed no genuine mining occurred—coins were not produced via computational proof-of-work but arbitrarily assigned—rendering any audit superficial and incapable of confirming decentralized consensus or resistance to manipulation. These verification shortcomings fueled investor distrust and legal actions; for instance, attempts by participants to reconcile package balances against claimed outputs revealed discrepancies traceable to the opaque system, as no public explorer or allowed cross-checking. Regulatory bodies, including the U.S. Securities and Exchange Commission, highlighted the lack of verifiable technology as evidence of , noting that the platform's "private " served primarily to obscure fund flows rather than enable secure, auditable transactions. The absence of rigorous, external audits—promised in marketing materials but never materialized—exemplified causal failures in the scheme's design, where trust was enforced through recruitment rather than technological proof.

Marketing and Global Outreach

Recruitment Tactics and Events

OneCoin's recruitment relied heavily on a (MLM) framework, where participants purchased educational packages on cryptocurrency trading and earned commissions by recruiting others into downline networks, creating incentives for exponential expansion. This structure positioned early recruiters, such as global master distributor Mark Scott, to amass significant earnings—Scott alone received over $400 million in commissions—while later entrants bore the . Tactics emphasized personal networks, with promoters urged to enlist family, friends, and acquaintances through promises of high returns and , often framing OneCoin as a revolutionary opportunity superior to . Motivational messaging discouraged withdrawals, instead promoting reinvestment and further recruitment to build the "OneCoin ," which sustained the scheme's inflow of funds despite lacking a functional . High-profile events amplified efforts, serving as spectacles to inspire and attract new participants. The "Coin Rush" conference at in on June 11, 2016, drew thousands of attendees, where delivered charismatic speeches touting OneCoin's potential to eclipse and revolutionize global finance. Similar gatherings, including earlier Dubai and Macau events in 2015 and 2016, featured presentations on the platform's purported innovations, fostering a cult-like enthusiasm that propelled international sign-ups. These events often involved lavish venues and celebrity-like treatment for Ignatova, reinforcing the scheme's legitimacy and urgency, though they masked underlying as regulatory scrutiny mounted. In some regions, such as , aggressive recruitment seminars persisted into 2017, leading to arrests for organizing Ponzi-like gatherings despite warnings.

Educational and Training Programs

OneCoin's educational offerings were structured around the "One Academy," an online platform providing tiered "knowledge packages" purportedly teaching technology, fundamentals, trading strategies, , and . These packages ranged from introductory levels covering basic terminology to advanced modules on market dynamics, with participants required to purchase them—often starting at approximately €100 for entry-level access—to participate in the scheme's "" process, which generated non-tradable OneCoins. The content was delivered via interactive videos, quizzes, and materials emphasizing OneCoin's supposed superiority over , but independent analyses revealed it as rudimentary and misleading, lacking substantive technical depth or verifiable integration. Training for promoters and recruiters occurred through in-person seminars, webinars, and large-scale events hosted globally, including a 2016 gathering at London's attended by over 5,000 participants where founder delivered motivational speeches framing education as the gateway to financial empowerment. These sessions instructed affiliates on tactics, such as highlighting potential returns from package and referrals while minimizing disclosures about the tokens' illiquidity, aligning with the model where commissions derived primarily from enrolling new members rather than educational value. U.S. authorities later described these programs as a fraudulent , with educational generating billions in —estimated at over $4 billion total—funneled through a pyramid-like structure without delivering promised skills or assets. Critics, including regulatory filings and victim accounts, noted the programs' role in perpetuating the by creating an illusion of legitimacy; for instance, higher-tier packages costing thousands of euros unlocked "mining" rates but yielded worthless internal credits, incentivizing endless over genuine learning. Court documents from OneCoin co-founder Karl Sebastian Greenwood's 2023 sentencing highlighted how training materials trained promoters to evade scrutiny by positioning the scheme as "financial education" amid Bitcoin's rise, despite the absence of a functional .

International Expansion Phases

OneCoin's international expansion began with its launch in August 2014, centered in under Ruja Ignatova's leadership, where initial recruitment occurred through local seminars and (MLM) structures targeting friends, family, and early adopters in . By late 2014 and into 2015, the scheme extended to neighboring European countries via promoter networks, leveraging promises of high returns to build a base of investors and affiliates who earned commissions on recruitment. A pivotal acceleration happened in 2016, marked by high-profile events such as the June Wembley Arena gathering in , which drew thousands and positioned OneCoin as a global alternative to , facilitating entry into Western markets like the , , , and . This phase emphasized large-scale promotional rallies and online training to empower promoters, resulting in rapid affiliate growth across and initial forays into the , including and . From mid-2016 through 2017, expansion intensified into emerging markets in Africa (e.g., Uganda), the Indian subcontinent (e.g., Pakistan), Asia (e.g., Hong Kong, Singapore, Macau), and Latin America (e.g., Brazil), as well as Palestine, driven by MLM incentives that rewarded international recruitment amid rising investor inflows exceeding €4 billion by early 2017. These later phases relied heavily on culturally tailored events and digital platforms, though regulatory scrutiny began emerging in some regions, such as Italy's 2017 fines against promoters for misleading practices. Despite Ignatova's October 2017 disappearance, residual operations persisted in dozens of countries through decentralized promoter activities until broader enforcement actions curtailed them.

Legal Scrutiny and Enforcement

Initial Regulatory Alerts

In March 2016, Norway's issued the first explicit public warning against OneCoin, classifying it as a due to its recruitment-driven structure lacking genuine product value or tradability. This alert highlighted the absence of a functional and the reliance on affiliate referrals for returns, which mirrored classic frauds rather than legitimate operations. In May 2016, Hungary's Central Bank followed with a advisory cautioning against in OneCoin, noting its high-risk features including unverifiable trading mechanisms and promises of exponential gains untethered to realities. The bank emphasized that OneCoin's "educational packages" served primarily as entry fees for a hierarchical referral system, with no evidence of independent exchange liquidity or external validation. By September 2016, the United Kingdom's (FCA) listed OneCoin as an unauthorized entity and issued a , advising the public to avoid dealings due to regulatory non-compliance and fraudulent representations of its status. The FCA's action underscored OneCoin's offshore operations in and , which evaded oversight while aggressively marketing to European investors through seminars and online platforms. In December 2016, Hungary's Central Bank escalated its prior warning, formally designating OneCoin a and prohibiting its promotion within the country, based on investigations revealing centralized control over token issuance without decentralized ledger transparency. These early alerts from European regulators preceded broader international scrutiny, signaling systemic issues like non-transferable "coins" and fabricated trading volumes that belied OneCoin's claims of revolutionary technology.

Indictments, Arrests, and Trials

In March 2019, the U.S. Attorney's Office for the Southern District of New York unsealed indictments charging OneCoin leaders, including , Sebastian Greenwood, and Konstantin Ignatov, with wire fraud conspiracy and in connection with a scheme that defrauded investors of over $4 billion. Ignatova, the scheme's founder, was indicted in a sealed complaint in October 2017 for her role in the fraud but has evaded arrest since disappearing in October 2017; she remains a fugitive on the FBI's Ten with a $5 million reward for information leading to her capture. Konstantin Ignatov, Ruja's brother and temporary successor as OneCoin CEO, was arrested on March 6, 2019, at upon arrival from and charged with wire fraud conspiracy. He pleaded guilty in November 2019 to fraud and charges, cooperated with authorities by testifying against co-conspirators, and was sentenced in March 2024 to —approximately 34 months in custody—followed by two years of supervised release. Sebastian Greenwood, a co-founder and chief promoter who marketed OneCoin as a revolutionary , was arrested in the and extradited to the U.S.; he pleaded guilty in December 2022 to wire fraud and for orchestrating promotional events that raised billions from victims worldwide. Greenwood received a 20-year sentence on September 12, 2023, along with a $300 million forfeiture order, reflecting his central role in concealing the absence of a functional . Irina Dilkinska, OneCoin's former head of legal and compliance, was arrested in in 2019 and extradited to the U.S. in 2020; she pleaded guilty in November 2023 to wire fraud and for facilitating the laundering of hundreds of millions in proceeds and ignoring regulatory red flags. Dilkinska was sentenced to four years in prison on April 3, 2024. Mark Scott, a former equity partner at the Locke Lord LLP who laundered approximately $400 million of OneCoin proceeds through fraudulent investment funds, was convicted at trial in November 2019 of conspiracy and . He was sentenced to 10 years in prison on January 25, 2024, and ordered to forfeit $392 million; appeals, including a denied by the U.S. in October 2025, upheld the conviction. In September 2025, German prosecutors indicted Ignatova and her alleged associate Frank Schneider on charges related to OneCoin, marking additional international legal action, though no trial has occurred as both remain at large or unextradited.

Convictions, Sentences, and Asset Actions

Konstantin Ignatov, brother of OneCoin founder and temporary leader of the organization after her 2017 disappearance, was arrested on March 6, 2019, at on charges of wire conspiracy and conspiracy. He pleaded guilty on November 14, 2019, admitting to facilitating the scheme's operations, including investor recruitment and fund transfers, which contributed to over $4 billion in global losses. Due to his cooperation with authorities, including providing testimony against co-conspirators, Ignatov was sentenced on March 5, 2024, to —approximately five years of —with no additional incarceration, followed by three years of supervised release and orders to forfeit $20.7 million in scheme proceeds. Karl Sebastian Greenwood, OneCoin co-founder responsible for developing its purported infrastructure and marketing it as legitimate, was arrested in December 2018 in on U.S. charges of wire and money laundering conspiracy. He pleaded guilty on December 16, 2022, acknowledging his role in deceiving investors worldwide through false claims of technological innovation and high returns. On September 12, 2023, Greenwood received a 20-year sentence, the maximum recommended under federal guidelines for his leadership in the multibillion-dollar , along with restitution obligations and forfeiture of assets including vehicles and properties linked to OneCoin funds. Irina Dilkinska, OneCoin's former head of legal and compliance, pleaded guilty in November 2023 to wire fraud and conspiracy for her efforts to shield the scheme from regulatory scrutiny, including drafting misleading documents and coordinating offshore transfers. She was sentenced on April 3, 2024, to four years in prison, reflecting her mid-level role in perpetuating the fraud that targeted vulnerable investors, with additional requirements for tied to her compensation from the organization. Mark Scott, a former partner at the law firm , was convicted in November 2019 after a of conspiracy for transferring over $400 million in OneCoin proceeds through his client accounts, disguising them as legitimate investments. His sentence, imposed on January 25, 2024, included 10 years in prison and forfeiture of $390 million in laundered funds, upheld on appeal by the Second Circuit in February 2025 and denied by the in October 2025, confirming the validity of evidence showing his knowledge of the scheme's illegitimacy. Asset actions have included U.S. authorities seizing approximately $30.8 million in OneCoin-related funds during 2017 raids on promoters, alongside ongoing forfeitures from convicted individuals totaling hundreds of millions, though recoveries represent a fraction of the estimated $4 billion defrauded. In 2024, seized a property and $462,000 traced to OneCoin proceeds from a local promoter. A ruling in August 2024 imposed a worldwide asset freeze on Ignatova and associates, targeting properties in and elsewhere valued at millions, to facilitate potential victim compensation. Bulgarian investigations have recovered €28 million as of October 2025, but victims continue advocating for broader seizures amid limited international coordination.

Key Controversies and Perspectives

Promoter Defenses and Justifications

Promoters of OneCoin, led by founder , justified the project as a legitimate educational initiative under the OneLife Network umbrella, focused on delivering knowledge, , and trading skills through OneAcademy courses rather than speculative investment alone. Ignatova positioned OneCoin as an accessible alternative to , dubbing it the "Bitcoin killer" and asserting it would dominate due to its user-friendly design and internal verification systems, which she claimed ensured and without the volatility of public blockchains. In direct response to pyramid scheme allegations, OneCoin representatives maintained that the model was not a Ponzi or because recruitment by Independent Marketing Associates (IMAs) was optional, not mandatory, with primary value stemming from purchased educational packages that provided verifiable training and tools. They emphasized that IMAs received ongoing access to OneAcademy resources, including certified courses on trading and , which purportedly equipped participants for real economic participation beyond mere referrals. To demonstrate utility, promoters highlighted the DealShaker , launched in , as a mechanism for spending OneCoins on goods and services from participating vendors, arguing this created internal circulation and real-world application that differentiated OneCoin from fraudulent schemes lacking economic substance. Ignatova described DealShaker as a breakthrough for removing "cash points" from circulation and fostering a self-sustaining , countering claims of no external tradability by pointing to its role in building a closed-loop economy. Some affiliates further defended the structure by comparing it to established companies, insisting the emphasis on and of OneAcademy programs—claimed to meet standards—provided intrinsic value independent of recruitment volume. These justifications persisted in promoter communications even amid regulatory warnings, with assertions that development was ongoing internally and poised for public integration, though no such verifiable external blockchain ever materialized.

Evidence of Fraudulent Elements

OneCoin lacked a genuine , operating instead on a that prevented independent verification or external transactions of its coins. U.S. prosecutors described the system's "purported private blockchain" as nonexistent, with OneCoin coins functioning as "fake coins" devoid of intrinsic value or tradability on open markets. This centralization allowed full control by founders and Karl Sebastian Greenwood, who manipulated coin generation and balances without decentralized consensus mechanisms typical of legitimate cryptocurrencies like . The scheme relied on a (MLM) structure that generated revenue primarily through recruitment rather than productive economic activity. Participants purchased "knowledge packages" and coin packages, receiving commissions for enrolling new investors, which mirrored Ponzi dynamics where early payouts derived from later entrants' funds. Greenwood admitted in his 2022 guilty plea that OneCoin's MLM model, which he conceived, defrauded victims of over $4 billion by promising revolutionary technology while delivering an illusory product. Court documents from the U.S. District Court for the Southern District of detailed how promoters were incentivized with up to 10% commissions on downline sales, sustaining the illusion of growth without underlying asset appreciation. False marketing claims further evidenced deceit, as Ignatova publicly positioned OneCoin as a "Bitcoin killer" with superior security and scalability, yet internal operations revealed no network or process. Indictments unsealed in charged Ignatova with wire for misrepresentations that concealed the absence of a functional ecosystem, including fabricated transaction volumes displayed only to investors. Supporting guilty pleas, such as Greenwood's, confirmed that coins could not be withdrawn or exchanged for en masse, trapping value within the closed system and confirming the fraud's design to extract funds without redemption. Forensic analysis in related civil forfeiture cases highlighted of proceeds, with over $400 million routed through U.S. under of legitimate crypto operations. These elements collectively demonstrated OneCoin's operation as a deliberate , as affirmed in multiple U.S. convictions, rather than a viable .

Victim Testimonies and Economic Harm

OneCoin defrauded an estimated $4 billion from investors worldwide between approximately 2014 and 2017, operating as a that sold worthless educational packages and fictitious without an underlying or transactional utility. This figure represents funds raised from millions of victims across dozens of countries, with significant concentrations in , , and ; for instance, the alone saw about €30 million invested in a six-month period in 2016. The scheme's structure ensured that early participants recouped investments through recruitment-driven returns, while later entrants bore the brunt of irrecoverable losses, exacerbating personal financial ruin without any redeemable assets. Victim accounts highlight profound individual devastation, often involving life savings or family resources. Jen McAdam, a Scottish civil servant, initially invested €10,000 and persuaded relatives and friends to contribute €250,000 more, including funds from her late father's savings; upon discovering the fraud's scale, she recalled her legs giving way as she collapsed in disbelief. In , Lienhardt sold family goats to invest 700,000 Ugandan shillings (roughly $250 at the time), while his relatives lost an additional £3,000 earmarked for a storage business, a sum he has withheld from his mother to spare her distress; she later reflected that such losses render life "stressful." These stories underscore pressures that ensnared vulnerable individuals, including pensioners who remortgaged homes and families coerced by kin. Larger-scale losses amplified the harm, as evidenced by a U.S. class-action where a lead reported forfeiting over $700,000 in OneCoin packages marketed as high-yield opportunities. Promoters like Alberts from the , who once earned over €2 million monthly through referrals, ultimately reinvested and lost substantial personal capital when the scheme collapsed, illustrating how even beneficiaries faced eventual wipeouts. Collectively, these testimonies reveal cascading effects: depleted retirements, stalled businesses, and emotional tolls, with no mechanism for recovery since OneCoins held no intrinsic value or liquidity.

Disappearance and Ongoing Pursuit

Ignatova's Vanishing in 2017

, the founder and public face of OneCoin, disappeared from public view on October 25, 2017, amid mounting regulatory scrutiny and criminal investigations into the scheme's operations. She had served as OneCoin's top leader until that point, promoting the fraudulent globally while authorities in multiple countries, including the and , were preparing actions against her. Ignatova was last confirmed sighted boarding a flight from , , to , , on the morning of October 25, 2017, after which she evaded detection. and Bulgarian authorities believe she received advance warning of impending arrests through leaked , prompting her sudden departure and subsequent flight across borders. This tip-off reportedly originated from compromised investigative notes shared within Bulgarian circles, allowing her to flee before a U.S. could be executed. Following her vanishing, Ignatova's brother, Konstantin Ignatov, briefly assumed leadership of OneCoin, but the organization faced immediate disruptions as U.S. prosecutors unsealed indictments targeting her and other executives shortly thereafter. Her disappearance marked the effective end of her direct involvement, leaving victims and investigators without resolution as OneCoin's illusory and investment packages unraveled under legal pressure. No verified communications or appearances from Ignatova have surfaced since, fueling speculation tied to her possible use of false identities or assistance from networks in .

Subsequent Investigations and Sightings

Following Ignatova's disappearance on October 25, 2017, from , , the U.S. (FBI) expanded its probe into OneCoin, issuing a federal and later adding her to the FBI's Ten Most Wanted Fugitives list on June 30, 2022, for her role in the multibillion-dollar fraud scheme. The U.S. Department of Justice's Southern District of New York continued pursuing related cases, including charges against associates like Konstantin Ignatov, who pleaded guilty in 2019 and cooperated by providing details on the operation's structure and Ignatova's leadership. Internationally, German authorities issued an Red Notice at the request of the U.S., while supported coordinated efforts across Europe to trace laundered funds and dismantle OneCoin networks, leading to arrests in , , and . Investigations revealed connections to Bulgarian , including alleged ties to drug trafficker "Taki" (Dimitar Krastev), prompting scrutiny of potential through luxury properties in . Unconfirmed sightings of Ignatova surfaced periodically, including reports of her in shortly after vanishing, based on leaked flight records showing travel to and possible onward journeys to the or . In November 2024, a documentary alleged she was alive and residing in under an assumed identity, citing anonymous sources and from local investigators, though U.S. and authorities dismissed it as unsubstantiated without forensic confirmation. Earlier claims placed her in or , but these lacked verifiable evidence such as photographs or DNA matches, and the FBI maintained she could be using to alter her appearance, including dyed and changed dental work. Countering survival reports, a June 2024 investigation presented evidence suggesting Ignatova may have been murdered in 2018 by Bulgarian underworld figures, including Taki, to eliminate her as a in ongoing money-laundering operations tied to OneCoin proceeds; this theory drew from witness statements and encrypted communications but remained speculative absent a body or direct confession. No conclusive proof of her death or location has emerged as of October 2025, with the FBI and continuing active searches. Efforts intensified in 2024 with the U.S. State Department raising the reward to up to $5 million for information leading to her arrest or conviction, alongside a $100,000 FBI bounty, and the imposing a global asset freeze on her holdings in August 2024 to prevent dissipation of fraud proceeds. These measures reflected sustained multinational pressure, though challenges persisted due to jurisdictional gaps and potential protection by criminal networks in non-extradition havens.

International Rewards and Status as of 2025

The increased its reward to up to $5 million on June 26, 2024, for information leading to the arrest and/or conviction of anywhere in the world, under the Transnational Organized Crime Rewards Program. This escalation from prior amounts, including the FBI's initial $100,000 offer, reflects heightened international priority on her capture following her addition to the FBI's Ten Most Wanted Fugitives list in June 2022. German authorities, who issued an Red Notice, have also criminally charged Ignatova for her role in the scheme, contributing to coordinated global efforts. As of October 2025, Ignatova remains a with no confirmed arrest or recovery of her whereabouts since vanishing from , , on October 25, 2017. The FBI and international partners continue active investigations, including public appeals for tips via secure channels like tips.fbi.gov or the State Department's reward program hotline. Despite persistent rumors of her death—such as unverified claims of a 2018 accident— investigators in late 2024 assessed evidence indicating she is likely alive, prompting renewed focus on potential hideouts. Unconfirmed reports in 2024 and early 2025 have spotlighted , particularly Cape Town's affluent areas, as a possible refuge, based on investigative leads and a documentary alleging her presence there under disguise. These claims, while fueling media speculation, lack official verification from U.S. or sources, and prior alleged sightings in places like and the have similarly proven unsubstantiated. The multinational manhunt persists without resolution, underscoring challenges in tracking high-profile fraud suspects amid cryptocurrency's anonymity features.

Broader Impact and Analysis

Quantified Financial Damages

The OneCoin fraud scheme defrauded investors of more than $4 billion worldwide, with millions of victims across over 175 countries contributing funds under of a legitimate . These losses stemmed from purchases of OneCoin "packages" marketed as tradable digital assets, but which lacked any underlying or real , functioning instead as a structure where returns to early participants were funded by later inflows. Quantification of damages relies primarily on investigative data from U.S. authorities, including the Department of Justice and FBI, which traced inflows through promotional networks and bank records; no comprehensive independent audit exists due to the scheme's offshore operations and destruction of records. While some early investors received payouts—estimated to recycle less than 10% of total inflows—the net economic harm approached the full $4 billion, as the absence of redeemable tokens left most participants with worthless holdings upon the scheme's in 2017. Asset forfeiture actions have recovered portions of proceeds, such as $300 million ordered from co-founder Karl Sebastian Greenwood in 2023 and over $400 million linked to money launderer Mark Scott, but these represent convicted individuals' gains rather than full victim restitution, with recovered funds directed toward government penalties rather than direct compensation. Broader recovery efforts, including international seizures in Dubai and the UK totaling millions in properties and accounts, remain fragmented and insufficient to offset the scale of losses.

Implications for Cryptocurrency Legitimacy

The OneCoin scheme, which defrauded investors of approximately $4 billion between 2014 and 2017 by marketing a fictitious without an underlying or public ledger, exemplified how fraudulent ventures masquerading as digital assets can undermine broader confidence in the sector. Unlike legitimate cryptocurrencies such as , which operate on verifiable, decentralized networks with transparent transaction histories dating back to their inception, OneCoin relied on centralized control and tactics to simulate value, leading observers to warn early on that it would tarnish the reputation of genuine -based projects. This conflation fueled a in and public portraying cryptocurrencies as inherently speculative or scam-prone, exacerbating wariness among potential investors who struggled to distinguish verifiable technologies from hype-driven imitations. The absence of technological substance in OneCoin—such as no mining process, no , and fabricated "educational packages" instead of tradable —highlighted systemic vulnerabilities in the nascent space, where regulatory gaps allowed promoters to exploit enthusiasm for Bitcoin's 2013-2017 price surge without delivering functional assets. Consequently, the prompted heightened scrutiny from authorities, including U.S. Department of Justice indictments in 2017 for wire fraud and , which cited OneCoin as a prime example of crypto-related crime and justified expanded enforcement against unregistered offerings. In , investigations by bodies like the UK's , which received complaints about OneCoin as early as , underscored calls for stricter oversight, though initial responses were limited by the unregulated status of many digital assets at the time. These developments contributed to a "non-positive label" for cryptocurrencies in financial markets, as noted in analyses of impacts, deterring institutional and reinforcing perceptions of high without commensurate . Despite these setbacks, OneCoin's exposure via journalistic investigations and prosecutions ultimately aided in delineating legitimate cryptocurrencies from frauds, emphasizing criteria like open-source code, independent audits, and economic incentives aligned with —features absent in pyramid-style schemes. Post-2017, regulatory frameworks evolved partly in response, with jurisdictions introducing guidelines for initial coin offerings and anti-money laundering rules that referenced OneCoin-like abuses to protect consumers while preserving innovation in verifiable systems. However, the lingering stigma persists, as evidenced by ongoing victim recoveries and international asset freezes as of , which continue to evoke associations between crypto hype and financial predation in public and policy discussions. This duality illustrates how such scandals, while eroding short-term legitimacy, compel a more rigorous evaluation of cryptocurrency's foundational principles, separating enduring protocols from ephemeral deceptions.

Causal Factors in Scheme's Success and Collapse

The success of OneCoin stemmed primarily from its exploitation of the burgeoning enthusiasm for cryptocurrencies in the mid-2010s, coupled with an aggressive multi-level marketing (MLM) structure that incentivized rapid recruitment. Launched in 2014 by Ruja Ignatova and Sebastian Greenwood, the scheme positioned OneCoin as a superior alternative to Bitcoin, dubbed the "Bitcoin killer," promising revolutionary features like mineable tokens and an electronic wallet system. Ignatova, leveraging her self-presented credentials including a claimed PhD from a German university, conducted high-profile promotional events, such as a 2016 webinar at London's Wembley Arena attended by thousands, where she emphasized financial empowerment and high returns through "knowledge packs" priced from €140 to €118,000. This MLM model rewarded participants with bonus tokens for recruiting others, creating exponential network growth across dozens of countries and amassing over €4 billion in investments by March 2017, as early entrants received payouts funded by newcomers, fostering social proof and fear of missing out (FOMO) among novice investors unfamiliar with blockchain verification. A critical enabler was the scheme's centralized architecture, which mimicked cryptocurrency legitimacy without the transparency of a public blockchain; OneCoin's tokens existed only on internal servers controlled by the promoters, allowing fabricated (e.g., claiming 120 billion mineable coins) and preventing independent auditing that might have exposed the fraud earlier. The absence of a functional payment or external integration initially shielded it from scrutiny, as participants traded value internally via the proprietary xcoinx platform, which limited conversions to and reinforced the of value appreciation. This opacity, combined with targeted marketing in emerging markets like —Ignatova's home country—and regions with limited , amplified recruitment; established MLM operators, such as Dutch seller Igor Alberts, built vast downlines by framing OneCoin as an accessible path to wealth amid the 2014-2017 crypto boom. The collapse accelerated in 2016-2017 due to inherent Ponzi dynamics and mounting external validations of fraud. As recruitment slowed amid market saturation, the scheme struggled to sustain payouts, with the xcoinx exchange abruptly halting most withdrawals in January 2017, triggering investor panic and demands for liquidity that the model could not fulfill without continuous influxes of new funds. Revelations from whistleblowers, including Norwegian IT consultant Bjorn Bjercke in 2016, publicly demonstrated the lack of a , undermining claims of technological innovation and prompting early regulatory probes in countries like and , which classified it as a . Further erosion came from international warnings, such as the Vietnamese government's 2017 declaration that OneCoin's purported license was fake, and scattered media exposés highlighting the absence of verifiable transactions. Ignatova's disappearance on October 25, 2017, following a promotional event in where she boarded a flight to , marked a pivotal , as her flight signaled internal recognition of impending legal pressures and halted unified leadership. Post-2017, intensified investigations— including U.S. Department of Justice indictments and Bulgarian police raids on offices in 2018—dismantled the operation, with co-founders like Greenwood arrested in 2018 and later sentenced to 20 years in 2023 for wire fraud and . The scheme's offshore structure in delayed but could not prevent accountability, as victim complaints and forensic analysis of internal ledgers revealed the fraudulent token issuance, ultimately confirming losses exceeding $4 billion with no recoverable assets for most participants.

References

  1. [1]
    Co-Founder Of Multi-Billion-Dollar Cryptocurrency Pyramid Scheme ...
    Dec 16, 2022 · Karl Sebastian Greenwood, who co-founded OneCoin with Ruja Ignatova, a/k/a “the Cryptoqueen,” pled guilty today in Manhattan federal court to wire fraud and ...
  2. [2]
    Manhattan U.S. Attorney Announces Charges Against Leaders Of ...
    Mar 8, 2019 · KONSTANTIN IGNATOV was arrested March 6, 2019, at the Los Angeles International Airport, on a wire fraud conspiracy charge stemming from his role as the leader ...
  3. [3]
    Co-Founder Of Multibillion-Dollar Cryptocurrency Scheme “OneCoin ...
    Sep 12, 2023 · Karl Sebastian Greenwood, who co-founded OneCoin with Ruja Ignatova, a/k/a “the Cryptoqueen,” was sentenced to 20 years in prison for his orchestration of the ...
  4. [4]
    Ruja Ignatova Added to FBI's Ten Most Wanted Fugitives List
    Jun 30, 2022 · Ignatova is being sought for her alleged leadership of a massive fraud scheme that affected millions of investors worldwide.
  5. [5]
    Cryptoqueen: How this woman scammed the world, then vanished
    Nov 24, 2019 · How did Ruja Ignatova make $4bn selling her fake cryptocurrency to the world - and where did she go?
  6. [6]
    OneCoin Ponzi Scheme: The $4 Billion Cryptocurrency Scam ...
    Discover how OneCoin's $4 billion Ponzi scheme deceived investors worldwide, the key figures involved, and the current status of its founder, Ruja Ignatova.How the OneCoin Scheme... · OneCoin Exchange: xcoinxMissing: evidence | Show results with:evidence
  7. [7]
    Missing Cryptoqueen: FBI adds Ruja Ignatova to top ten most wanted
    Jun 30, 2022 · The Bulgarian woman, believed to be in her 40s, is wanted for her alleged role in running a cryptocurrency scam known as OneCoin.
  8. [8]
    Reward for Information: German National Ruja Ignatova
    Reward for Information: German National Ruja Ignatova. Transnational Organized Crime Rewards Program. $5 MILLION REWARD. June 26, 2024. REWARD FOR ...
  9. [9]
    Up to $5 Million Reward Offer for Information Leading to Arrest ... - FBI
    Jun 27, 2024 · Up to $5 Million Reward Offer for Information Leading to Arrest and/or Conviction of Ten Most Wanted Fugitive 'Cryptoqueen' Ruja Ignatova. The ...Missing: facts | Show results with:facts
  10. [10]
    Co-Founder Of Multi-Billion-Dollar Cryptocurrency Pyramid Scheme ...
    Dec 16, 2022 · Karl Sebastian Greenwood, who co-founded OneCoin with Ruja Ignatova, a/k/a “the Cryptoqueen,” pled guilty today in Manhattan federal court to wire fraud and ...
  11. [11]
    Accomplice jailed for 20 years for OneCoin financial scam - BBC
    Sep 12, 2023 · A co-founder of the fraudulent OneCoin cryptocurrency has been sentenced to serve 20 years in a US prison. Sebastian Karl Greenwood colluded ...
  12. [12]
    Co-founder of fake cryptocurrency scheme sentenced to 20 years in ...
    Sep 13, 2023 · A federal judge in New York sentenced the co-founder of the purported cryptocurrency OneCoin to 20 years in prison on Tuesday for what ...
  13. [13]
    'Cryptoqueen' brother admits role in OneCoin fraud - BBC
    Nov 14, 2019 · Ignatov pleaded guilty to several charges, including money laundering and fraud. OneCoin and the disappearance of its co-founder, Dr Ruja ...
  14. [14]
    Cryptoqueen's Brother Gets Time Served for Leading OneCoin Scam
    Mar 5, 2024 · Konstantin Ignatov was sentenced to the 34 months he had already spent in jail on Tuesday by US District Judge Edgardo Ramos in Manhattan. Ruja ...<|control11|><|separator|>
  15. [15]
    Bulgarian Woman Charged For Role In Multi-Billion-Dollar ...
    Mar 21, 2023 · U.S. Attorney Damian Williams said: “Irina Dilkinska, the supposed Head of Legal and Compliance for the OneCoin cryptocurrency pyramid scheme, ...
  16. [16]
    Southern District of New York | “Head Of Legal And Compliance” For ...
    Apr 3, 2024 · Irina Dilkinska was sentenced to four years in prison by US District Judge Edgardo Ramos for her role in the massive OneCoin fraud scheme.
  17. [17]
    OneCoin legal officer gets 4 years in prison for crypto scheme
    Apr 3, 2024 · The former head of legal and compliance for OneCoin was sentenced to four years in prison for her role in a $4 billion fraudulent ...
  18. [18]
    Former Partner Of Locke Lord LLP Convicted In Manhattan Federal ...
    Nov 21, 2019 · SCOTT, a former equity partner at the law firm Locke Lord LLP, laundered approximately $400 million in proceeds of a massive international fraud scheme known ...
  19. [19]
    Former Law Firm Partner Sentenced To 10 Years In Prison For ...
    Jan 25, 2024 · Mark Scott was sentenced to 10 years in prison by US District Judge Edgardo Ramos for laundering approximately $400 million of proceeds from the massive ...
  20. [20]
    US Supreme Court won't hear ex-law firm partner's bid to ... - Reuters
    Oct 6, 2025 · The attorney, Mark Scott, was found guilty in 2019 for his role in the OneCoin cryptocurrency fraud and was sentenced to 10 years in prison.Missing: lawyer | Show results with:lawyer
  21. [21]
    Mystery of the disappearing 'Cryptoqueen' Ruja Ignatova - BBC
    Sep 25, 2019 · It seems every week brings evidence of scams and fraud, from the hacking of exchanges to Initial Coin Offerings where the founder disappears ...Missing: foundation | Show results with:foundation
  22. [22]
    Missing Cryptoqueen: Is Dr Ruja Ignatova the biggest Bitcoin holder?
    Jul 1, 2022 · The Oxford-educated entrepreneur told investors she had created the "Bitcoin killer ... OneCoin/Youtube Dr Ruja on the stage at a 2015 OneCoin ...
  23. [23]
    Ruja Ignatova Promotes OneCoin at London Event - FBI
    Jun 30, 2022 · One Coin is easy to use, one coin is for everyone, make payments everywhere, everyone globally.
  24. [24]
    OneCoin Scam – The Takeaway - AMLBot Blog
    Aug 4, 2022 · Meet the OneCoin project – a scam as classic as they come. It all started in 2014 when two characters – Ruja Ignatova and Sebastian Greenwood ...<|control11|><|separator|>
  25. [25]
    The OneCoin Scam: the Dazzling Story of the Biggest Crypto Ponzi in History | CoinMarketCap
    ### Summary of OneCoin's Early History, Launch, and Promotional Efforts
  26. [26]
    OneCoin Review: 100-5000 EUR Ponzi point "cryptocurrency"
    Masquerading as a crypto-currency, OneCoin's OneTokens are nothing more than Ponzi points, pegged to nothing more than the rate of new money flowing into the ...
  27. [27]
    [PDF] Case 1:19-cv-04074-VEC Document 216 Filed 09/20/21 Page 1 of 47
    Sep 20, 2021 · The “OneCoin Defendants” comprise the corporate entity, OneCoin Ltd., and OneCoin's founders, Ruja Ignatova and Sebastian. Greenwood, whom ...
  28. [28]
    https://www.accountingcpd.net/OneCoin%253A_A_lesson_from_history_re-taught_by_the_cryptoqueen
  29. [29]
    2019's juiciest crypto drama: The saga of OneCoin's $4B ... - TNW
    Dec 23, 2019 · Educational courses included cryptocurrencies, trading, investments, financial analysis, and asset management. Users were expected to pay ...
  30. [30]
    OneCoin Saga: A Controversial Chapter in Cryptocurrency History ...
    Dec 5, 2024 · Ruja Ignatova, often referred to as the “Crypto Queen,” initially gained significant traction in Bulgaria, her home country. The promotional ...Missing: biography | Show results with:biography
  31. [31]
    Italy: Regulator fines OneCoin promoters €2.6 million - PYMNTS.com
    Aug 15, 2017 · The Italian Competition Authority (IAA) has announced the conclusion of its investigation regarding One Life Network having provided misleading information.<|separator|>
  32. [32]
    OneCoin Cryptocurrency Scam: A Timeline of Events and Impact
    Apr 17, 2024 · Launched in 2014 by Ruja Ignatova and Sebastian Greenwood, OneCoin lured investors with grand promises of becoming the next Bitcoin.
  33. [33]
    Why did the FCA drop its warning about the OneCoin scam? - BBC
    Aug 11, 2020 · In June 2016, Dr Ruja Ignatova told an audience of thousands at Wembley Arena that her new cryptocurrency, OneCoin, was a "Bitcoin killer" ...
  34. [34]
    UK Financial Conduct Authority warns on OneCoin, Bulgarian-linked ...
    Sep 29, 2016 · The UK's Financial Conduct Authority (FCA) has issued a warning to consumers to be wary of dealing with OneCoin, which describes itself as a virtual currency.
  35. [35]
    What We Can Learn From OneCoin, Crypto's Biggest Scam - Nasdaq
    Oct 23, 2021 · OneCoin was a Ponzi scheme posing as a cryptocurrency. Launched by self-styled cryptoqueen Ruja Ignatova in 2014, the scam attracted millions of ...<|separator|>
  36. [36]
    Cryptoqueen's Brother Gets Time Served for Leading OneCoin Scam
    Mar 5, 2024 · Konstantin Ignatov was sentenced to the 34 months he had already ... Greenwood was given a 20-year sentence in September after pleading guilty.Missing: plea | Show results with:plea
  37. [37]
    Southern District of New York | “Head Of Legal And Compliance” For ...
    Nov 9, 2023 · Irina Dilkinska pled guilty today in Manhattan federal court to wire fraud and money laundering charges in connection with her participation in the massive ...
  38. [38]
    Indictment against cryptoqueen Ruja Ignatova - Luxembourg Times
    Sep 24, 2025 · German prosecutors have filed charges against the alleged OneCoin fraudster, but she and her purported Luxembourg accomplice Frank Schneider ...
  39. [39]
    OneCoin Legal Head Gets Four Years in $4 Billion Crypto Scam
    Apr 3, 2024 · Irina Dilkinska, 42, pleaded guilty in November to wire fraud and money-laundering conspiracy charges. US District Judge Edgardo Ramos on ...
  40. [40]
    Lawyer convicted in $400 million crypto scam loses appeal | Reuters
    Feb 3, 2025 · Lawyer convicted in $400 million crypto scam loses appeal ... Mark Scott was found guilty for his role in the OneCoin cryptocurrency fraud.
  41. [41]
    OneCoin - Wikipedia
    OneCoin is a fraudulent cryptocurrency scheme conducted by offshore companies OneCoin Ltd and OneLife Network Ltd (registered in Belize), both founded by ...Concept · Legal issues and criticism · 2016 · 2017
  42. [42]
    Wellington police seize $462k in proceeds of fraudulent crypto scheme
    Jan 23, 2024 · Police have seized a Wellington property and hundreds of thousands of dollars believed to be the proceeds of the fraudulent cryptocurrency scheme OneCoin.
  43. [43]
    A UK court ordered a global asset freeze for the 'Cryptoqueen' and ...
    Aug 21, 2024 · ICIJ previously found that OneCoin's founder Ruja Ignatova and some of her associates had bought properties worth millions in Dubai while ...
  44. [44]
    HotNews No. 140 : Onecoin SCAM UPDATE english
    Oct 1, 2025 · For now, the only tangible result of the investigation remains the seizure of €28 million, while millions of victims worldwide continue to wait ...
  45. [45]
    This 'Cryptoqueen' scammed investors out of $4 billion, the FBI says ...
    Jan 22, 2023 · Ruja Ignatova is one of the FBI's 10 most-wanted fugitives -- the only woman currently on that list. She is now one of the FBI's 10 most-wanted ...
  46. [46]
    OneCoin Claims It's Not a Ponzi or Pyramid Scheme - Yahoo Finance
    ... not a Ponzi scheme because, although heavily incentivized to do so, it's not compulsory for IMAs to recruit new agents. The statement further claims that as ...
  47. [47]
    OneCoin Swedish police investigation resumed on March 17th
    Mar 21, 2017 · I finally managed to crack this thing with DealShaker – it's a mechanism to remove all the cash points from the circulation. Ruja and OneCoin ...
  48. [48]
    OneCoin promoter dumped from Slovenian blockchain event
    Sep 8, 2019 · Why is OneCoin not a scam? (…) – Start of the new online platform DealShaker. – Accreditation of OneAcademy courses. – Fully functional ...
  49. [49]
    [PDF] Ruja Ignatova - FBI
    The United States Department of State's Transnational Organized Crime Rewards Program is offering a reward of up to $5 million for information leading to the ...
  50. [50]
    OneCoin Scam Victim Files New York Lawsuit after ... - Yahoo Finance
    Jul 10, 2019 · A filing in a lawsuit filed against cryptocurrency firm OneCoin has revealed that one of the proposed lead plaintiffs lost over $700000 in ...
  51. [51]
    Ruja Ignatova: Leaked police notes may have alerted FBI-wanted ...
    Oct 19, 2022 · Ms Ignatova disappeared on 25 October 2017 after being tipped off about intensifying police investigations into her OneCoin cryptocurrency. In ...
  52. [52]
    Cryptoqueen: Has the missing fugitive reappeared? - BBC
    Jan 26, 2023 · Ms Ignatova, a 42-year-old Bulgaria-born German national, disappeared on 25 October 2017 after being tipped-off about intensifying police ...Missing: details | Show results with:details<|separator|>
  53. [53]
    Missing Cryptoqueen's murky links to Bulgarian underworld - BBC
    Jun 2, 2024 · In September 2019 a BBC podcast started reporting on the extraordinary tale of Ruja Ignatova, a Bulgarian woman wanted by the FBI after ...<|separator|>
  54. [54]
    Leaked Dubai property files link luxury flats to OneCoin crypto ...
    May 15, 2024 · The Dubai Unlocked investigation shows how the emirate became a refuge for self-proclaimed “Cryptoqueen” Ruja Ignatova and nearly a dozen of ...
  55. [55]
    OneCoin's 'Cryptoqueen' alive and in South Africa: report - CoinGeek
    Nov 18, 2024 · Ignatova, known in digital asset circles as 'Cryptoqueen,' founded OneCoin ... next Bitcoin.” However, it was all a sham, and when her ...
  56. [56]
    There's More Evidence 'Cryptoqueen' Was Murdered by Drug Kingpin
    Jun 3, 2024 · Ruja Ignatova might have been murdered by a Bulgarian drug kingpin because she had become a “liability,” according to a new episode of the BBC's ...
  57. [57]
    Up to $5 Million Reward for Information Leading to Arrest and/or ...
    Jun 27, 2024 · The Department of State is announcing a reward offer under the Transnational Organized Crime Rewards Program of up to $5 million for information leading to the ...
  58. [58]
    Ruja Ignatova: Fugitive 'Cryptoqueen' hit by asset freeze - BBC
    Aug 7, 2024 · A woman wanted by the FBI for orchestrating a $4.5bn cryptocurrency scam called OneCoin has been hit with a global asset freeze, brought on ...
  59. [59]
    International crackdown dismantles multimillion-euro investment scam
    May 13, 2025 · International crackdown dismantles multimillion-euro investment scam ... The investigation, led by German authorities and supported by Europol ...Missing: OneCoin Interpol
  60. [60]
    Reward for Information: German National Ruja Ignatova
    Jun 26, 2024 · The U.S. Department of State is offering a reward of up to $5,000,000 for information leading to the arrest and/or conviction in any country of ...
  61. [61]
    Up to $5 Million Reward Offer for Information Leading to Arrest and ...
    Jun 26, 2024 · ... 2025. ... Up to $5 Million Reward Offer for Information Leading to Arrest and/or Conviction of Cryptocurrency Fraudster Ruja Ignatova.
  62. [62]
    FBI Most Wanted - X
    Jun 11, 2025 · Ten Most Wanted Fugitive Ruja Ignatova is wanted by the FBI for her ... A reward of up to $5 million is offered: https://t.co/oU7EKYHM0S.
  63. [63]
    Investigators suggest fugitive “cryptoqueen” Ignatova is still alive
    Nov 15, 2024 · German investigators seem to believe that fugitive Ruja Ignatova, the alleged mastermind of the billion-dollar OneCoin scam, may still be alive.
  64. [64]
    The global manhunt for the Crypto Queen believed to be hiding in ...
    Jan 9, 2025 · A global manhunt is under way for Ruja Ignatova, one of the world's most wanted fugitives – and she's believed to be hiding in South Africa.
  65. [65]
    I'm convinced she's alive: Where is OneCoin's Ruja Ignatova
    Mar 9, 2025 · As authorities doubled down on their investigations, Ignatova vanished. In October 2017, she boarded a flight from Bulgaria, Greece and…
  66. [66]
    OneCoin Co-Founder Karl Greenwood Sentenced to 20 Years in ...
    Sep 13, 2023 · U.S. District Judge Edgardo Ramos also ordered Greenwood to forfeit $300 million, the approximate amount he pocketed from the scheme.
  67. [67]
    (PDF) A new decade for social changes One coin -Scam ...
    Aug 6, 2025 · seller, It caused a non-positive label for cryptocurrency. Keywords. OneCoin, cryptocurrency, crypto marketing, digital currency, Scam ...Missing: MLM plan details
  68. [68]
    How Many Billions Were Lost By The Investors Of Onecoin, The ...
    Discover the staggering billions lost in the Onecoin scam, the largest cryptocurrency fraud ever. Learn more on MEXC Blog.Missing: total | Show results with:total