OneCoin Cryptocurrency: Biggest Digital Financial Scam In The World ?
OneCoin was nothing but a multi-level marketing based ponzi cryptocurrency scheme.
Taking advantage of bitcoin’s growing popularity, onecoin was founded by a Bulgarian woman Ruja Ignatova in 2014.
It is regarded as one of the biggest scams in the financial history.
Some reports found that scam was of $4 billion while there were also reports saying that it was more than $20 billion.
Oncecoin is a virtual currency which had a private blockchain and centralized properties.
It was the only centralized cryptocurrency and yet it lured investors from all over the world.
In honesty, onecoin was not a cryptocurrency but just a scam to lure money.
While oncecoin kept raking in investments, many nations including US, Bulgaria, India got wary and started conducting investigations on the company.
In late 2017, Ms. ignatov disappeared with more than $4 billion (or more) and still remains to be found.
After her disappearance, her brother Konstantin Ignatov became the face of the company. In 2019, he was arrested and later pleaded guilty to fraud and various other charges. He is now facing 90 years of imprisonment.
Oncecoin also had a co-founder named Sebastian Greenwood, who is in jail awaiting trials. A lawyer of onecoin was also guilty of laundering $400 million.
As of then, onecoin remained operational with the main business being, providing financial educational materials.
Onecoin supporters were told not to listen to the haters and and the funny thing is that there still remains a good number of supporters of the cryptocurrency.
$20 billion was the extent of the scam as per latest reports.
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