Bitcoin Onecoin System
Bitcoin Scheme – Onecoin Ponzi: At the end of 2019, the remnants of the Onecoin tiered Ponzi scheme collapsed. However, the founder of Onecoin, nicknamed the “queen of cryptos,” Ruja Ignatova, remains on the run and law enforcement has yet to catch up with her. In addition, police are investigating two churches in New Zealand believed to have links with Operation Onecoin and its founders.
OneCoin – Bitcoin Onecoin Scheme
OneCoin is a Ponzi scheme promoted as a cryptocoin with a private blockchain, by Bulgaria-based offshore companies OneCoin Ltd (registered in Dubai) and OneLife Network Ltd (registered in Belize), both founded by Ruja Ignatova in concert with Sebastian Greenwood . OneCoin is considered a Ponzi scheme due to its organizational structure and the prior involvement of many of those at the heart of OneCoin in similar schemes. It was described by Time as “one of the biggest scams in history”.
U.S. prosecutors alleged that the scheme brought in around $ 4 billion worldwide. In China, law enforcement recovered 1.7 billion yuan ($ 267.5 million) while prosecuting 98 people. Ruja Ignatova disappeared in 2017 when a secret US arrest warrant was filed against her arrest and was replaced by her brother, Konstantin Ignatov.
Most of the leaders have now disappeared or been arrested. Greenwood was arrested in 2018, as was Ignatov in March 2019. In November 2019, Ignatov pleaded guilty to money laundering and fraud charges. The total maximum sentence for the charges is 90 years in prison.
There was no blockchain behind Onecoin – Bitcoin Scheme Onecoin
In 2014, Ruja Ignatova, Sebastian Greenwood, and Konstantin Ignatov started a project called Onecoin and allegedly illegally acquired $ 4 billion from investors. Ignatova and her cohorts claimed that Onecoin was a legitimate cryptocurrency and that the project followed the legacy of the crypto hype until mid-2019. Several reports had revealed that there was no blockchain behind Onecoin and that the product was just a Multi-Level Marketing (MLM) Ponzi scheme.
Reports reveal that the Independent Seventh-day Adventist Church of Samoa (SISDAC) and the organization’s sister worship center were used to sell Onecoin packages.
In addition, it appears that the Onecoin Ponzi has infected the city of Auckland, New Zealand, and the region’s Samoan church. The New Zealand Department of Home Affairs (DIA) is currently investigate the Auckland-based Samoa Worship Center on Ponzi schemes. Onecoin executives have reportedly sold members of the prominent Samoan religious community for “tens of thousands of dollars” of Onecoin products.
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