The perpetrator of OneCoin Pyramid Scheme resurfaces

Published on:

  • The Direct Selling Association in Norway was the first to identify the true nature of this organization as a pyramid scheme.
  • A plush London Penthouse flat bought by Ruja Ignatova reappeared on the market. This led to several suspicions, but one clear fact remained, OneCoin’s CryptoQueen was operating within the shadows.
  • OneCoin’s primary business is selling educational material on cryptocurrency, trading and investing.

The crypto industry is known for its high-risk and high-reward nature. As a result, many crypto traders have gained and lost significant amounts. Aside from the primary defect of the crypto industry being crypto volatility, other issues plague this lucrative digital network, some more than others. One such example is crypto scams and crypto hacks that have constantly bombarded the integrity of the distributed network. The FTX is renowned as one of the greatest downfalls of digital currency within the crypto industry. However, its predecessors have done as much damage, if not more. Onecoin Pyramid Scheme is a dark past in the minds of veteran crypt traders that many thoughts were long past them. Unfortunately, this is not the case as Onecoin’s CryptoQueen resurfaces, reminding everyone she is still at large.

How OneCoin Pyramid Scheme affected everyone

For those unaware, One coin was one of the earliest crypto scams to damage the crypto industry significantly. At the time, bitcoins were steadily gaining traction, and this crypto scam significantly damaged its progress.

In 2014 Ruja Ignatova, OneCoin’s CryptoQueen founded the organization as Bitcoin’s fame steadily increased. At the time, Bitcoin had no significant competitor; thus, the organizations then took it as a challenge. If new crypto coins surpassed the original cryptocurrency, it would make history.

Ruja-Ignatova
Ruja Ignatova, the mind behind the OneCoin Pyramid Scheme, resurfaces after creating one of the largest crypto scams in the crypto industry[Photo/Mint]
Ruja’s body declared to everyone within the crypto Industry that OneCoin would eventually and quickly surpass Bitcoin. It merely needed some support. She claimed that Onecoins had a total of 120 billion withi the crypto industry, and they could make payments and even have an e-wallet. At the time, this concept seemed too good to be true. Moreover, many still considered Bitcoin a hoax since its functionalities were substantially limited compared to today.

Also, Read How to spot the difference between crypto investments and scams.

However, OneCoin Pyramid Scheme was just another lie since it needed a blockchain model for a payment system.

How it lasted

To keep up with the farse, this crypto scam issued educational materials t help users understand the uses and importance of cryptocurrency. This was, however, its primary business as the course also touched other areas such as trading and investing. The courses were all part of a multi-level marketing scheme where buyers were offered rewards for attracting more participants. It also contained an exchange that allowed users to convert Onecoin into other currencies. 

Members could access the exchange only if they bought the beginner package and the courses. This formed the basis of the OneCoin Pyramid Scheme. Unfortunately, at the type, OneCoin’s CryptoQueen had elaborately formed enough network to make her investors believe that she had a multi-billion dollar company on her hands.

Unfortunately, in 2016, as Bitcoin began gaining some traction, so did OneCoin, and her company constantly grew. Many countries began seeing the true nature of the OneCoin Pyramid Scheme. The Direct Selling Association in Norway was the first to identify the true nature of this organization. Unfortunately, soon after, OneCoin’s CryptoQueen took notice of her lies unravelling and took flight a year before any government took any legal action. She made off with $4 billion of the company’s investments and was never heard from again, or so we thought.

The perpetrator behind OneCoin Pyramid Scheme resurfaces

After years the thought of finding OneCoin’s CryptoQueen slowly faded from the minds of those within the crypto industry. Numerous crypto hacks and scams continued to flood the industry. Thus, the focus shifted. Until recently, a plush London Penthouse flat bought by Ruja Ignatova reappeared on the market. This led to several suspicions, but one clear fact remained, OneCoin’s CryptoQueen was operating within the shadows.

Also, Read Crypto scammers evolving with the new year.

According to reports, the same week, her £12.5m was listed for sale, and Ms Ignativa’s name quickly popped up as the owner. The news became widespread, especially since she appears on the top 10 most wanted listings. The FBI revealed that Ignatove had purchased the property under the company name. Fortunately, beneficiaries must be named in new UK rules.

As a result, lawyers representing Ignatova made a formal claim on the property, listing her as the apartment’s property in a filing with the UK’s financial regulator. No one has seen OneCoin’s CryptoQueen in over five years, and the FBI suspect that he may have [performed plastic surgery to conceal her identity. Fortunately, this new change of events has forced Ignatova out of hiding. The penthouse previously belonged to Abbots House Penthouse Limited, based in Guernsey. It is a well-known tax haven with very little government oversight. This made this property perfect for keeping out of public records.

This is a steady step toward finding the Crypto Queen. This is mainly due to the recent statements released by Damian Williams, who claimed that Oneoin Pyramid Scheme was so effective that their native tokens are now completely useless. 

Conclusion

Crypto hacks and scams are rampant in the crypto industry’s early stages. Like OneCoin’s CryptoQueen, many individuals think that most crypto scams and hackers won’t ever see the light of justice, but blockchain security is constantly improving. It’s only a matter of time before blockchain developers have the right design for a blockchain security system that will render such operations obsolete. Thus many should take this as a sign that 2023 may be a prosperous year for the crypto Industry.

Related

Leave a Reply

Please enter your comment!
Please enter your name here

Ken Mutuku
Ken Mutuku
Your Guide to the Future of Tech, Web3, and Digital Storytelling. With a keen eye for detail and a knack for concise communication, Ken Mutuku is your go-to professional for decoding the next wave of technological evolution. Whether through captivating videos, insightful articles, or engaging presentations, he masterfully crafts messages that deeply resonate with his audience, setting him apart in the digital landscape.