Although the cryptocurrency world is full of promises of high returns and technological innovations, sometimes these features can be abused by malicious people. Here is the story of OneCoin, one of the biggest cryptocurrency fraud cases in history:

OneCoin: The Dark Side of the Cryptocurrency World

In 2016, at a time when the cryptocurrency market was just taking shape, Dr. Founded by Ruja Ignatova, OneCoin was launched as a rival to Bitcoin. Dr. Ignatova called herself the “Crypto Queen” and claimed that OneCoin would bring about the end of Bitcoin1. Ignatova, who dragged thousands of investors after her with these assertive statements, marketed OneCoin as a revolution.

Big Promises and Flashy Events

OneCoin influenced millions of investors around the world between August 2014 and March 2017. Approximately 4 billion euros were collected from a wide geography from Pakistan to Brazil, from Canada to Norway1. Dr. Ignatova continued to fascinate investors with events she organized at venues such as London's Wembley Arena.

Revealing the Truth

However, over time, it became clear that there was no system that allowed OneCoin to be converted into other currencies. Investors began to worry when they realized that the installation of the promised system was constantly postponed. In October 2017, Dr. A big event was announced for Ignatova to attend, but she never showed up and could not be contacted1.

Disappeared Crypto Queen

Dr. Ruja Ignatova disappeared with billions of euros and left no cryptocurrency behind. It turned out that there was no blockchain technology behind OneCoin and investors were holding a worthless asset in their hands. Dr. Ignatova's older brother, Konstantin Ignatov, was detained in the USA in 2019 and pleaded guilty to fraud and money laundering charges1. The “Crypto Queen” is still missing.

This article summarizes just one of the biggest scams in the cryptocurrency industry. For investors, such cases highlight the importance of caution and research when investing in cryptocurrencies. In addition to the innovations brought by technology, it is of great importance to be alert against such fraud incidents and obtain information from reliable sources.