đ¨This has been said to be the biggest crypto scam ever. So what is OneCoin, and what happened exactly?đ
The altcoin was founded in 2014 by Dr Ruja Ignatova, a PhD in private international law, and her husband, Daniel Dabek.
Promoted as a cryptocurrency by companies with offices in Bulgaria called OneCoin Ltd, registered in Dubai, and OneLife Network Ltd, registered in Belize, OneCoin turned out to be a Ponzi scheme.
They sold educational packets about financial education that allowed owners to mine OneCoin. The cost of the packets ranged from $100 to $100,000, with different levels of membership which allowed buyers to buy even more amounts of the token.
In 2017, the authorities shut down the scam, its leaders were arrested, and its founder disappeared. We do not know where Dr Ruja Ignatova is- whether sheâs dead or alive.Â
The scam made away with about $25 billion.
