OneCoin

OneCoin: A fraudulent cryptocurrency scheme founded by Ruja Ignatova, operating as a Ponzi and pyramid scheme, defrauding investors worldwide of approximately $4 billion.

Between 2015 and 2024, OneCoin faced global legal scrutiny and was widely condemned as a fraudulent pyramid scheme. Authorities in numerous countries, including Bulgaria, Norway, Italy, and the U.S., issued warnings, banned activities, and prosecuted key figures like CEO Ruja Ignatova and co-founder Sebastian Greenwood. Ignatova disappeared in 2017 and remains on FBI and Europol most-wanted lists.

Millions of dollars were seized, arrests made, and significant sentences were issued, with Greenwood receiving 20 years in 2023. Investigations and asset seizures continue into 2024.

• Website: The official website has been taken down following legal actions.
• Operation: Marketed as a revolutionary cryptocurrency but lacked a blockchain. Investors were promised high returns for purchasing educational packages, which included OneCoins.
• Tactics: Used aggressive marketing and multi-level marketing (MLM) schemes to recruit participants, who earned commissions for bringing in new investors.