OneCoin

File:Inside the FBI Podcast – Top Ten Fugitive Ruja Ignatova.webm

OneCoin was launched in late 2014. It was not a decentralized cryptocurrency but rather a centralized pyramid scheme hosted on OneCoin Ltd's servers which was marketed as a cryptocurrency. The scheme was set up by Ruja Ignatova with Sebastian Greenwood acting as the lead distributor in the pyramid.{{cite news |last1=Breuninger |first1=Kevin |title=Co-founder of $4 billion crypto fraud scheme gets 20 years in prison, 'Cryptoqueen' partner remains at large |url=https://www.cnbc.com/2023/09/12/cryptoqueen-partner-gets-20-years-prison-in-4-billion-ponzi-fraud.html |access-date=18 October 2023 |work=CNBC |date=12 September 2023 |language=en}}

According to OneCoin, its main business was selling educational material for cryptocurrency trading: investors could buy "educational packages" costing anywhere from 100 euros to 118,000 euros, or—according to one industry blog—225,500 euros.{{Cite news |date=18 October 2016 |title=OneCoin investment packages approach a quarter million Euros |work=Behind MLM |url=https://behindmlm.com/companies/onecoin/onecoin-investment-packages-approach-a-quarter-million-euros/ |access-date=26 September 2019 |archive-date=26 September 2019 |archive-url=https://web.archive.org/web/20190926072145/https://behindmlm.com/companies/onecoin/onecoin-investment-packages-approach-a-quarter-million-euros/ |url-status=live }} According to a suit filed by former investors, much of the content in those packages was plagiarized from various free sources, including Wikipedia.{{Citation |title=Berdeaux v. Onecoin Ltd. |date=20 September 2021 |url=https://scholar.google.com/scholar_case?case=2666748943358624990&hl=en&as_sdt=6&as_vis=1&oi=scholarr |volume=561 |pages=379 |access-date=26 July 2022 |archive-date=26 July 2022 |archive-url=https://web.archive.org/web/20220726073529/https://scholar.google.com/scholar_case?case=2666748943358624990&hl=en&as_sdt=6&as_vis=1&oi=scholarr |url-status=live }}{{better source needed|reason=A dismissed court case|date=November 2022}} Investors also received "tokens" that could supposedly be assigned to mine OneCoins, although no actual mining process existed.{{Cite web |last=Papadopoulos |first=Yiannis |date=24 December 2019 |title=Cryptoqueen disappears, leaving havoc in her wake |url=https://www.ekathimerini.com/in-depth/special-report/247885/cryptoqueen-disappears-leaving-havoc-in-her-wake |access-date=26 July 2022 |website=Kathimerini |archive-date=3 July 2022 |archive-url=https://web.archive.org/web/20220703194236/https://www.ekathimerini.com/in-depth/special-report/247885/cryptoqueen-disappears-leaving-havoc-in-her-wake/ |url-status=live }} Mining was said to be taking place at two sites in Bulgaria and one in Hong Kong.{{Cite web |date=6 March 2019 |title=U.S. v. Konstantin Ignatov Complaint |url=https://www.justice.gov/usao-sdny/press-release/file/1141986/download |access-date=26 July 2022 |website=United States District Attorney's Office Southern District of New York |archive-date=12 April 2022 |archive-url=https://web.archive.org/web/20220412004634/https://www.justice.gov/usao-sdny/press-release/file/1141986/download |url-status=live }}

In typical OneCoin recruiting meetings, recruiters would focus on cryptocurrency investment, and the "educational material" was barely mentioned.{{Cite web |date=1 March 2016 |title=OneCoin valtaa Aasiaa |url=http://thaimaansuomalainen.com/onecoin-valtaa-aasiaa/ |url-status=dead |archive-url=https://web.archive.org/web/20171117174547/http://thaimaansuomalainen.com/onecoin-valtaa-aasiaa/ |archive-date=17 November 2017 |access-date=20 May 2016 |language=fi}}{{Cite news |last=Penman |first=Andrew |date=10 February 2016 |title=Here's why hyped-up web currency OneCoin is virtually worthless |work=mirror |url=https://www.mirror.co.uk/news/uk-news/who-wants-onecoin-millionaire-you-7346558 |access-date=10 January 2018 |archive-date=14 January 2018 |archive-url=https://web.archive.org/web/20180114183459/http://www.mirror.co.uk/news/uk-news/who-wants-onecoin-millionaire-you-7346558 |url-status=live }}{{better source needed|reason=One Daily Mirror and one dead link|date=November 2022}}

The only way to exchange OneCoins for other currencies was the OneCoin Exchange ("xcoinx"), an internal marketplace for members who had invested more than a set amount. OneCoins could be exchanged for euros, which were placed in a "virtual wallet", from which they could request a wire transfer. The marketplace had daily selling limits based on which package the seller had invested in, greatly limiting the amount of OneCoins which could be exchanged by the scam's victims.{{cn|date=October 2023}} As lead distributor, 5% of all OneCoin sales went to Greenwood, who made over {{currency|300 million|USD|passthrough=yes}}.

On 1 March 2016, without notice, OneCoin issued an internal notice that the marketplace would be closed for two weeks for maintenance, explaining that this was necessary due to the "high number of miners" and for "better integration with blockchain".{{Cite web |date=2 March 2016 |title=OneCoin – Uusi pyramidihuijaus? KRP: Rikosta voidaan arvioida luotettavasti vasta myöhemmin |url=http://murobbs.muropaketti.com/posts/1716953707/ |access-date=24 March 2016 |archive-date=23 April 2016 |archive-url=https://web.archive.org/web/20160423010347/http://murobbs.muropaketti.com/posts/1716953707/ |url-status=live }} On 15 March 2016, the market re-opened.{{citation needed|date=November 2022}} It was shut down again without notice in January 2017, though individuals affiliated with the company continued to accept funds.{{Cite web |date=15 January 2017 |title=OneLife suspend OneCoin withdrawals, affiliates can't cash out |url=http://behindmlm.com/companies/onecoin/onelife-suspend-onecoin-withdrawls-affiliates-cant-cash-out/ |access-date=26 April 2017 |archive-date=15 January 2017 |archive-url=https://web.archive.org/web/20170115195610/http://behindmlm.com/companies/onecoin/onelife-suspend-onecoin-withdrawls-affiliates-cant-cash-out/ |url-status=live }}

Following the collapse of the OneCoin scheme, a rebranded venture called One Ecosystem emerged, presenting itself as a separate educational company despite maintaining ties to the original community and coin.{{cite web | last=Neal | first=Will | title=OneCoin Successors Respond After Co-Founder Makes FBI’s Most Wanted | website=OCCRP | date=2022-07-07 | url=https://www.occrp.org/en/news/onecoin-successors-respond-after-co-founder-makes-fbis-most-wanted | access-date=2025-05-31}}{{cite web | title='OneCoin': Der Milliardenbetrug der 'Kryptoqueen' | website=Legal Tribune Online | date=2025-02-22 | url=https://www.lto.de/recht/feuilleton/f/krypto-queen-hochstaplerin-ruja-ignatova-onecoin-betrug | language=de | access-date=2025-05-31}}

On 30 September 2015, Bulgaria's Financial Supervision Commission (FSC) issued a warning of potential risks in new cryptocurrencies, citing OneCoin as an example.{{Cite web |last=FSC |date=30 September 2015 |title=СЪОБЩЕНИЕ – OneCoin |url=http://www.fsc.bg/en/news/saobshtenie-onecoin-7727.html |language=bg |access-date=12 August 2016 |archive-date=23 November 2015 |archive-url=https://web.archive.org/web/20151123231411/http://www.fsc.bg/en/news/saobshtenie-onecoin-7727.html |url-status=dead }} After the warning, OneCoin ceased all activity in Bulgaria and started to use banks in foreign countries to handle wire transfers from participants.{{Cite web |title=OneCoin lose last bank account, unable to accept wires |url=http://behindmlm.com/companies/onecoin/onecoin-lose-last-bank-account-unable-to-accept-wires/ |access-date=15 November 2016 |website=behindmlm.com |archive-date=16 November 2016 |archive-url=https://web.archive.org/web/20161116015955/http://behindmlm.com/companies/onecoin/onecoin-lose-last-bank-account-unable-to-accept-wires/ |url-status=live }}

In February 2016, the British newspaper the Daily Mirror wrote that OneCoin / OneLife is a get-rich-quick scheme scam and a cult, calling it "virtually worthless".{{Cite web |date=12 February 2016 | first=Andrew |last=Penman |title=Who wants to be a OneCoin millionaire? YOU don't – here's why hyped-up web currency is virtually worthless | website=Daily Mirror |url=https://www.mirror.co.uk/news/uk-news/who-wants-onecoin-millionaire-you-7346558/ |url-status=dead |archive-url=https://web.archive.org/web/20160212210622/http://www.mirror.co.uk/news/uk-news/who-wants-onecoin-millionaire-you-7346558/ |archive-date=12 February 2016}}

File:Dr. Ruja Ignatova.jpg

The company and the scheme was on the observation lists of many authorities; among them are authorities in Bulgaria, Finland,{{Cite web |last=YLE |date=14 March 2016 |title=Finns investing millions in new virtual currency; police keeping tabs on case |url=http://yle.fi/uutiset/finns_investing_millions_in_new_virtual_currency_police_keeping_tabs_on_case/8743590 |access-date=12 August 2016 |archive-date=14 March 2016 |archive-url=https://web.archive.org/web/20160314172225/http://yle.fi/uutiset/finns_investing_millions_in_new_virtual_currency_police_keeping_tabs_on_case/8743590 |url-status=live }}{{Cite web |last=Poliisi |date=11 April 2015 |title=KRP ON SELVITTÄNYT ONECOIN-VIRTUAALIRAHAA |url=https://www.poliisi.fi/keskusrikospoliisi/tiedotteet/1/0/krp_on_selvittanyt_onecoin-virtuaalirahaa_41044 |language=fi |access-date=12 August 2016 |archive-date=5 November 2015 |archive-url=https://web.archive.org/web/20151105062950/https://www.poliisi.fi/keskusrikospoliisi/tiedotteet/1/0/krp_on_selvittanyt_onecoin-virtuaalirahaa_41044 |url-status=live }}{{Cite web |last=Helsingin Sanomat |date=4 November 2015 |title=Krp ei aloita tutkintaa Onecoin-valuutasta – kehottaa silti erityiseen varovaisuuteen |url=http://www.hs.fi/talous/a1446613276082 |language=fi |access-date=12 August 2016 |archive-date=4 November 2015 |archive-url=https://web.archive.org/web/20151104221808/http://www.hs.fi/talous/a1446613276082 |url-status=live }} Sweden,{{Cite web |last=Lotteri Inspektionen |date=27 January 2016 |title=OneCoins verksamhet polisanmält för misstänkt brott mot lotterilagen |url=http://www.lotteriinspektionen.se/sv/Press/Nyheter/OneCoins-verksamhet-polisanmalt-for-misstankt-brott-mot-lotterilagen/ |language=sv |access-date=12 August 2016 |archive-date=29 January 2016 |archive-url=https://web.archive.org/web/20160129061948/http://www.lotteriinspektionen.se/sv/Press/Nyheter/OneCoins-verksamhet-polisanmalt-for-misstankt-brott-mot-lotterilagen/ |url-status=live }} Norway{{Cite web |last=direktesalgsforbundet.no |date=3 March 2016 |title=Vil ikke være politi |url=http://www.direktesalgsforbundet.no/vil-ikke-vaere-politi |language=NO |access-date=12 August 2016 |archive-date=8 March 2016 |archive-url=https://web.archive.org/web/20160308042541/http://www.direktesalgsforbundet.no/vil-ikke-vaere-politi |url-status=live }} and Latvia.{{Cite web |date=11 March 2016 |title=FKTK brīdina par OneCoin sniegtajiem pakalpojumiem |url=http://www.fktk.lv/lv/klientu-aizsardziba/bridinajumi-par-nelicencetiem/5659-fktk-bridina-par-onecoin-sniegtajiem-pakalpojumiem.html/ |language=lv |access-date=12 August 2016 |archive-date=16 March 2016 |archive-url=https://web.archive.org/web/20160316215204/http://www.fktk.lv/lv/klientu-aizsardziba/bridinajumi-par-nelicencetiem/5659-fktk-bridina-par-onecoin-sniegtajiem-pakalpojumiem.html/ |url-status=dead }} Authorities in many countries warned of potential risks involved in businesses like OneCoin and undertook prosecutions against persons linked to OneCoin, including CEO Ruja Ignatova and her brother Konstantin Ignatov.

In March 2016, the Direct Selling Association in Norway warned against OneCoin, comparing it to a pyramid scheme.

In December 2016, the Italian Antitrust Authority ({{lang|it|italic=no|Autorità Garante della Concorrenza e del Mercato}}) "adopted an interim injunction against the company One Network Services Ltd., active in the promotion and dissemination of cryptocurrency OneCoin", and its representatives in Italy, describing their activities as an "illegal pyramid sales system" ({{lang|it|"sistema di vendita piramidale vietato dalla legge"}}), and ordering them to cease promoting and selling OneCoin in Italy.{{Cite web |title=PS10550 – Vendite piramidali: sospesa in via cautelare la promozione della criptomoneta OneCoin |url=http://www.agcm.it/index.php?option=com_content&view=article&id=8516:ps10550-vendite-piramidali-sospesa-in-via-cautelare-la-promozione-della-criptomoneta-onecoin&catid=8:comunicati-stampa&Itemid=54 |url-status=dead |archive-url=https://web.archive.org/web/20161231081106/http://www.agcm.it/index.php?option=com_content&view=article&id=8516:ps10550-vendite-piramidali-sospesa-in-via-cautelare-la-promozione-della-criptomoneta-onecoin&catid=8:comunicati-stampa&Itemid=54 |archive-date=31 December 2016 |access-date=30 December 2016 |website=agcm.it}} On 27 February 2017, after concluding their investigation, AGCM banned all activity on OneCoin until further notice.{{Cite web |title=PS10550 – Vendite piramidali: Antitrust sospende la promozione della criptomoneta OneCoin da parte di One Life |url=http://www.agcm.it/stampa/comunicati/8620-ps10550-vendite-piramidali-sospesa-la-promozione-della-criptomoneta-onecoin-da-parte-di-one-life.html |url-status=dead |archive-url=https://web.archive.org/web/20170508100050/http://www.agcm.it/stampa/comunicati/8620-ps10550-vendite-piramidali-sospesa-la-promozione-della-criptomoneta-onecoin-da-parte-di-one-life.html |archive-date=8 May 2017 |access-date=12 March 2017 |website=agcm.it}}

In December 2016, the Hungarian Central Bank issued a warning that OneCoin was a pyramid scheme,{{Cite web |title=Fokozott kockázatot hordoznak a világhálón elérhető virtuális fizetőeszközök (in Hungarian) |url=https://www.mnb.hu/sajtoszoba/sajtokozlemenyek/2016-evi-sajtokozlemenyek/fokozott-kockazatot-hordoznak-a-vilaghalon-elerheto-virtualis-fizetoeszkozok |access-date=22 December 2016 |website=mnb.hu |archive-date=22 December 2016 |archive-url=https://web.archive.org/web/20161222223926/https://www.mnb.hu/sajtoszoba/sajtokozlemenyek/2016-evi-sajtokozlemenyek/fokozott-kockazatot-hordoznak-a-vilaghalon-elerheto-virtualis-fizetoeszkozok |url-status=live }} and in China that same year several members and investors of OneCoin were arrested and US$30.8 million worth of assets seized.{{Cite web |last=behindmlm.com |date=27 April 2016 |title=Chinese authorities investigating OneCoin, investors arrested |url=http://behindmlm.com/companies/onecoin/chinese-authorities-investigating-onecoin-investors-arrested |access-date=12 August 2016 |archive-date=29 April 2016 |archive-url=https://web.archive.org/web/20160429111537/http://behindmlm.com/companies/onecoin/chinese-authorities-investigating-onecoin-investors-arrested |url-status=live }}

In March 2017, the Croatian National Bank (HNB) advised the public to "exercise a high degree of caution" in decisions involving OneCoin, noted that OneCoin operations are not supervised by the HNB, and warned that possible losses will be fully borne by the investors.{{Cite press release |title=OneCoin product carries many risks |date=7 March 2017 |publisher=Croatian National Bank |url=https://www.hnb.hr/en/-/proizvod-pod-nazivom-onecoin-nosi-mnoge-rizike |access-date=25 September 2017 |work=hnb.hr |archive-date=27 August 2017 |archive-url=https://web.archive.org/web/20170827052011/https://www.hnb.hr/en/-/proizvod-pod-nazivom-onecoin-nosi-mnoge-rizike |url-status=live }}

On 23 April 2017, Indian police arrested 18 people in Navi Mumbai for organizing a OneCoin recruitment event. The police attended the event undercover to judge the accusations before they decided to act. Further investigation was begun with the intent of revealing the higher levels of the pyramid.{{Cite news |last=The Hindu |date=25 April 2017 |title=18 held for organising Ponzi scheme seminar |newspaper=The Hindu |url=http://www.thehindu.com/news/cities/mumbai/18-held-for-organising-ponzi-scheme-seminar/article18202122.ece |access-date=25 April 2017 |archive-date=24 April 2017 |archive-url=https://web.archive.org/web/20170424215119/http://www.thehindu.com/news/cities/mumbai/18-held-for-organising-ponzi-scheme-seminar/article18202122.ece |url-status=live }}{{Cite web |last=The Afternoon |date=25 April 2017 |title=Raid on OneCoin, brings out lakhs of coins |url=http://afternoondc.in/city-news/raid-on-onecoin-brings-out-lakhs-of-coins/article_193336 |url-status=dead |archive-url=https://web.archive.org/web/20170426061705/http://afternoondc.in/city-news/raid-on-onecoin-brings-out-lakhs-of-coins/article_193336 |archive-date=26 April 2017 |access-date=27 April 2017}} In May, the investigation recovered Rs 24.57 crores (${{To USD|245.7|IND}} million USD) in nine bank accounts. A further Rs 75 crores (${{To USD|750|IND}} million USD) were transferred out before authorities were able to seize it.{{Cite news |date=13 May 2017 |title=OneCoin fraud: Cops recover Rs 24 crore from 9 banks |publisher=Times of India |url=https://timesofindia.indiatimes.com/city/mumbai/onecoin-fraud-cops-recover-rs-24cr-from-9-banks/articleshow/58651788.cms |access-date=13 May 2017 |archive-date=13 May 2017 |archive-url=https://web.archive.org/web/20170513160745/http://timesofindia.indiatimes.com/city/mumbai/onecoin-fraud-cops-recover-rs-24cr-from-9-banks/articleshow/58651788.cms |url-status=live }} Early in the month of May, two more people were arrested and a further Rs 24 crores (${{To USD|240|IND}} million USD) were seized from bank accounts. A special investigation team of 15 individuals including 4 assistant police inspectors was formed under Senior Police Inspector Shivaji Awate with the stated goal of following the money trail and possibly lead to further arrests.{{Cite news |last=The Hindu |date=18 May 2017 |title=2 more held in OneCoin scam |newspaper=The Hindu |url=http://www.thehindu.com/news/cities/mumbai/2-more-held-in-onecoin-scam/article18475750.ece |access-date=19 May 2017 |archive-date=20 May 2017 |archive-url=https://web.archive.org/web/20170520211328/http://www.thehindu.com/news/cities/mumbai/2-more-held-in-onecoin-scam/article18475750.ece |url-status=live }}

On 27 April 2017, Germany's Federal Financial Supervisory Authority (BaFin) issued cease and desist orders to Onecoin Ltd, Dubai, and OneLife Network Ltd, Belize.{{Cite web |title=Onecoin Ltd (Dubai), OneLife Network Ltd (Belize) und One Network Services Ltd (Sofia/Bulgaria): BaFin issues cease and desist orders holding the companies to stop own funds trading in 'OneCoins' in Germany |url=https://www.bafin.de/dok/9207438 |access-date=19 December 2019 |publisher=BaFin Federal Financial Supervisory Authority |archive-date=17 December 2019 |archive-url=https://web.archive.org/web/20191217214655/https://www.bafin.de/dok/9207438 |url-status=live }} The Authority concluded that trading in OneCoins was fraudulent "own funds" trading.

On 28 April 2017, Bank of Thailand issued a warning against OneCoin, stating it was an illegal digital currency and that it should not be used in trade.{{Cite news |last=Bangkok Post |date=28 April 2017 |title=BoT warns public about OneCoin currency |newspaper=Bangkok Post |url=http://www.bangkokpost.com/business/finance/1239954/bot-warns-public-about-onecoin-currency |access-date=28 April 2017 |archive-date=22 January 2023 |archive-url=https://web.archive.org/web/20230122202541/https://www.bangkokpost.com/business/1239954/bot-warns-public-about-onecoin-currency |url-status=live }}

On 29 May 2017, International Financial Services Commission of Belize (IFSC) issued a warning about OneLife Network Ltd conducting trading business without license or permission from IFSC or any other authority. OneLife Network Ltd was directed to cease and desist from carrying on with the illegal trading business.{{Cite web |last=IFSC |date=29 May 2017 |title=One Life Network Limited |url=http://www.ifsc.gov.bz/one-life-network-limited/ |url-status=dead |archive-url=https://web.archive.org/web/20170908174358/http://www.ifsc.gov.bz/one-life-network-limited/ |archive-date=8 September 2017 |access-date=30 May 2017}}

On 16 June 2017, the CEO of OneCoin Ltd. claimed OneCoin was licensed by the Vietnamese government, that it was legally permissible to use them as a digital currency and that it was the first cryptocurrency in Asia officially licensed by any government.{{Cite web |last=Behind MLM |date=20 June 2017 |title=OneCoin Vietnamese regulatory document forged, govt says |url=http://behindmlm.com/companies/onecoin/onecoin-vietnamese-regulatory-document-forged-govt-says/ |access-date=22 June 2017 |archive-date=24 June 2017 |archive-url=https://web.archive.org/web/20170624045841/http://behindmlm.com/companies/onecoin/onecoin-vietnamese-regulatory-document-forged-govt-says/ |url-status=live }} On 20 June 2017, Vietnam's Ministry of Planning and Investment (MPI) issued a statement that the document which OneCoin used as proof was forged. They stated that the document was against the MPI regulations and that the person who supposedly signed the document was not in the position claimed by the document at the time when the document was created. MPI warned individuals and enterprises to be vigilant if they encounter the document during business.{{Cite web |last=Báo Đấu thầu |date=20 June 2017 |title=Cảnh báo việc giả mạo văn bản của Bộ Kế hoạch và Đầu tư, Cục Quản lý đấu thầu |url=http://baodauthau.vn/phap-luat/canh-bao-viec-gia-mao-van-ban-cua-bo-ke-hoach-va-dau-tu-cuc-quan-ly-dau-thau-43468.html |language=vi |access-date=22 June 2017 |archive-date=22 June 2017 |archive-url=https://web.archive.org/web/20170622084623/http://baodauthau.vn/phap-luat/canh-bao-viec-gia-mao-van-ban-cua-bo-ke-hoach-va-dau-tu-cuc-quan-ly-dau-thau-43468.html |url-status=live }}

On 10 July 2017, Ruja Ignatova, the CEO, was charged in India with duping investors as a part of the Indian investigation.

File:OneCoin office in Sofia, Bulgaria.jpg, Bulgaria, in 2016]]

On 17 and 18 January 2018, Bulgarian police raided OneCoin's office in Sofia at the request of the prosecutor's office in Bielefeld, Germany. German police and Europol took part in the bust and the investigation. Also 14 other companies, tied to OneCoin, were investigated and 50 witnesses were questioned. OneCoin's servers and other material evidence were seized.{{Cite web |last=The Sofia Globe |title=Bulgarian special prosecutors join in anti-money laundering operation against OneCoin |date=19 January 2018 |url=https://sofiaglobe.com/2018/01/19/bulgarian-special-prosecutors-join-in-anti-money-laundering-operation-against-onecoin/ |access-date=19 January 2018 |archive-date=19 January 2018 |archive-url=https://web.archive.org/web/20180119144835/https://sofiaglobe.com/2018/01/19/bulgarian-special-prosecutors-join-in-anti-money-laundering-operation-against-onecoin/ |url-status=live }}

On 3 May 2018, the Central Bank of Samoa (CBS) banned all foreign exchange transactions related to OneCoin and OneLife.{{Cite web |publisher=Central Bank of Samoa |date=21 March 2018 |title=Central Bank of Samoa Blocks All OneCoin Cryptocurrency Transactions |url=https://www.cbs.gov.ws/index.php/dmsdocument/6000 |access-date=6 May 2018 |archive-date=7 May 2018 |archive-url=https://web.archive.org/web/20180507003554/https://www.cbs.gov.ws/index.php/dmsdocument/6000 |url-status=dead }} The bank had earlier in March issued a warning about OneCoin.{{Cite web |last=Central Bank of Samoa |date=21 March 2018 |title=Warning on ONECOIN Cryotocurrency |url=https://www.cbs.gov.ws/index.php/media/latest-news/central-bank-of-samoa-issues-warning-on-onecoin-cryptocurrency-/ |access-date=6 May 2018 |archive-date=7 May 2018 |archive-url=https://web.archive.org/web/20180507003602/https://www.cbs.gov.ws/index.php/media/latest-news/central-bank-of-samoa-issues-warning-on-onecoin-cryptocurrency-/ |url-status=dead }} CBS describes OneCoin as a very-high-risk pyramid scheme.

Ruja Ignatova's collaborator and OneCoin's co-founder Sebastian Karl Greenwood (age {{Age as of date|46|2023|September|12}}) was arrested in Thailand in July 2018. He was imprisoned in Thailand pending extradition to the United States. Greenwood is a father of four and a citizen of Sweden and the UK.{{cite news |last1=King |first1=Chris |title=Sebastian Karl Greenwood: Swedish 'OneCoin' Founder Sentenced To 20 Years In Prison |url=https://euroweeklynews.com/2023/09/13/sebastain-karl-greenwood-swedish-onecoin-founder-sentenced-20-years-prison/ |access-date=17 October 2023 |work=EuroWeekly News |date=12 September 2023}}{{Cite news |last=Ngamkham |first=Wassayos |date=8 November 2018 |title=Cops take new tack as crime goes global |work=Bangkok Post |publisher= |url=https://www.bangkokpost.com/news/general/1570022/cops-take-new-tack-as-crime-goes-global |access-date=12 March 2019 |archive-date=22 January 2023 |archive-url=https://web.archive.org/web/20230122202534/https://www.bangkokpost.com/thailand/general/1570022/cops-take-new-tack-as-crime-goes-global |url-status=live }} Greenwood used money from Onecoin to buy international real estate, expensive clothing and watches, and to make a {{currency|6.5 million|SEK}} down-payment on a Sunseeker yacht.

Ruja Ignatova's brother Konstantin Ignatov was arrested in March 2019.{{Cite web |title=Manhattan U.S. Attorney Announces Charges Against Leaders Of "OneCoin," A Multibillion-Dollar Pyramid Scheme Involving The Sale Of A Fraudulent Cryptocurrency |url=https://www.justice.gov/usao-sdny/pr/manhattan-us-attorney-announces-charges-against-leaders-onecoin-multibillion-dollar |access-date=12 March 2019 |website=Justice.gov |date=8 March 2019 |publisher=United States Department of Justice |archive-date=8 March 2019 |archive-url=https://web.archive.org/web/20190308160216/https://www.justice.gov/usao-sdny/pr/manhattan-us-attorney-announces-charges-against-leaders-onecoin-multibillion-dollar |url-status=live }} In a plea deal made on 4 October (made public 12 November), he pleaded guilty to fraud and money laundering in connection with the scheme.{{Cite news|url=https://www.bbc.com/news/technology-50417908|title='Cryptoqueen' brother admits role in OneCoin fraud|work=BBC News|date=14 November 2019|access-date=19 November 2019|archive-date=14 November 2019|archive-url=https://web.archive.org/web/20191114144811/https://www.bbc.com/news/technology-50417908|url-status=live}}

On 21 November 2019 the New York Federal Court found lawyer Mark Scott guilty of money laundering and bank fraud for his role in routing US$400m out of the US.{{Cite news |date=21 November 2019 |title=OneCoin lawyer found guilty in 'crypto-scam' |work=BBC News |url=https://www.bbc.com/news/technology-50509299 |access-date=24 November 2019 |archive-date=23 November 2019 |archive-url=https://web.archive.org/web/20191123084004/https://www.bbc.com/news/technology-50509299 |url-status=live }}

On 24 November 2019 the BBC published a detailed investigation of OneCoin and Ignatova titled "Cryptoqueen: How this woman scammed the world, then vanished". The reporters believe that Ignatova resides in Frankfurt under a false identity.{{Cite news |date=24 November 2019 |title=Cryptoqueen: How this woman scammed the world, then vanished |work=BBC News |url=https://www.bbc.com/news/stories-50435014 |access-date=24 November 2019 |archive-date=21 December 2020 |archive-url=https://web.archive.org/web/20201221235010/https://www.bbc.com/news/stories-50435014 |url-status=live }}

In 2020 the FinCEN Files showed that BNY Mellon flagged to FinCEN $137m of transactions related to OneCoin.{{citation needed|date=December 2020}}

The company OneCoin, Ruja Ignatova and Gilbert Armenta have been found in default at an ongoing trial in the US.{{cite web | first=Jamie | last=Crawley | title=$4B Ponzi Scheme OneCoin and 'CryptoQueen' Leader Found in Default in US Lawsuit | website=Yahoo Finance | url=https://finance.yahoo.com/news/4b-ponzi-scheme-onecoin-cryptoqueen-093250400.html | date=18 May 2021 | access-date=19 May 2021 | archive-date=19 May 2021 | archive-url=https://web.archive.org/web/20210519053051/https://finance.yahoo.com/news/4b-ponzi-scheme-onecoin-cryptoqueen-093250400.html | url-status=live }}

In May 2022, Europol added Ignatova to their "Europe's Most Wanted" list, offering a €5,000 reward for information leading to her arrest.{{cite web | title=Europe's most wanted| website=Europe's most wanted | date=11 May 2022 | url=https://eumostwanted.eu/ignatova-ruja | archive-url=https://web.archive.org/web/20220605225942/https://eumostwanted.eu/ignatova-ruja | language=en | access-date=11 May 2022| archive-date=5 June 2022 }}{{cite web | first=Florentina | last=Dragu | title="Regina cripto", pe lista celor mai căutați fugari VIDEO | website=Profit.ro | url=https://www.profit.ro/povesti-cu-profit/financiar/video-fondatoarea-onecoin-poreclita-regina-cripto-inclusa-pe-lista-celor-mai-cautati-fugari-de-catre-europol-anterior-mediatizare-in-romania-20704396 | language=ro | date=12 May 2022 | access-date=30 June 2022 | archive-date=25 September 2022 | archive-url=https://web.archive.org/web/20220925153536/https://www.profit.ro/povesti-cu-profit/financiar/video-fondatoarea-onecoin-poreclita-regina-cripto-inclusa-pe-lista-celor-mai-cautati-fugari-de-catre-europol-anterior-mediatizare-in-romania-20704396 | url-status=live }} On June 30, the Federal Bureau of Investigation added Ignatova to the FBI Ten Most Wanted Fugitives list, offering a reward of up to $100,000 for information leading to her arrest.{{cite news |last1=Dilanian |first1=Ken |last2=Winter |first2=Tom |title=The 'CryptoQueen' is now one of the FBI's 10 Most Wanted |url=https://www.nbcnews.com/politics/justice-department/cryptoqueen-now-one-fbis-10-wanted-rcna36139 |access-date=30 June 2022 |work=NBC News |date=30 June 2022 |language=en |archive-date=3 July 2022 |archive-url=https://web.archive.org/web/20220703132253/https://www.nbcnews.com/politics/justice-department/cryptoqueen-now-one-fbis-10-wanted-rcna36139 |url-status=live }}

In December, Greenwood pleaded guilty to wire fraud and money laundering in the a US federal court.

In March 2023, OneCoin's former legal and compliance officer Irina Dilkinska was caught and extradited from Bulgaria to the United States.{{Cite web |date=21 March 2023 |title=Bulgarian Woman Charged For Role In Multi-Billion-Dollar Cryptocurrency Pyramid Scheme "OneCoin" And Extradited From Bulgaria To The United States |url=https://www.justice.gov/usao-sdny/pr/bulgarian-woman-charged-role-multi-billion-dollar-cryptocurrency-pyramid-scheme-onecoin |access-date= |website=www.justice.gov |language=en}}

Frank Schneider, former intelligence officer of Luxembourg and advisor to Ignatova, has absconded.{{cite web | last=Byrne | first=Rob | title=Cryptoqueen: Adviser to missing fugitive disappears | website=BBC News | date=9 June 2023 | url=https://www.bbc.com/news/world-europe-65861495 | access-date=10 June 2023}} Journalists speculate that Ignatova might have been murdered.

In September 2023, Greenwood was sentenced to a 20-year federal prison term (with five years credit for time served) by a New York Federal court.{{cite news |last1=Matza |first1=Max |title=Cryptoqueen: Accomplice jailed for 20 years for OneCoin financial scam |url=https://www.bbc.com/news/world-us-canada-66793135 |access-date=17 October 2023 |work=BBC News |date=12 September 2023}}{{cite press release |title=Southern District of New York {{!}} Co-Founder Of Multibillion-Dollar Cryptocurrency Scheme "OneCoin" Sentenced To 20 Years In Prison {{!}} United States Department of Justice |url=https://www.justice.gov/usao-sdny/pr/co-founder-multibillion-dollar-cryptocurrency-scheme-onecoin-sentenced-20-years-prison |access-date=17 October 2023 |work=www.justice.gov |date=12 September 2023 |language=en}}

Dilkinska admitted her guilt and was sentenced to four years in prison.{{cite web | last=Voris | first=Bob Van | title=OneCoin Executive Gets Four Years Over $4 Billion Crypto Scam | website=Bloomberg.com | date=3 April 2024 | url=https://www.bloomberg.com/news/articles/2024-04-03/onecoin-executive-gets-four-years-over-4-billion-crypto-scam | access-date=26 June 2024}}

The Prosecutor General of Bulgaria has initiated proceedings to confiscate all Ignatova's properties in Bulgaria.{{cite web | title=Bulgaria to charges, seize property of ‘cryptoqueen’ Ignatova | website=The Sofia Globe | date=26 June 2024 | url=https://sofiaglobe.com/2024/06/26/bulgaria-to-charges-seize-property-of-cryptoqueen-ignatova/ | access-date=26 June 2024}} US authorities offer a five million dollar reward for information leading to the arrest and/or conviction of Ignatova.{{cite web | title=US Offers $5 Million Bounty for Arrest of Bulgarian Ruja Ignatova in Massive Fraud Case | website=Novinite.com | date=26 June 2024 | url=https://www.novinite.com/articles/226851/US+Offers+%245+Million+Bounty+for+Arrest+of+Bulgarian+Ruja+Ignatova+in+Massive+Fraud+Case | access-date=26 June 2024}}{{Bulleted list|{{cite web | title=Ruja Ignatova | website=Federal Bureau of Investigation | date=26 June 2024 | url=https://www.fbi.gov/wanted/topten/ruja-ignatova | access-date=27 June 2024}}|{{cite web | last=Dolmetsch | first=Chris | title=US Boosts Reward for Information on ‘Cryptoqueen’ to $5 Million | website=Bloomberg.com | date=26 June 2024 | url=https://www.bloomberg.com/news/articles/2024-06-26/us-boosts-reward-for-information-on-cryptoqueen-to-5-million | access-date=3 August 2024}}}}

• Bitconnect
• PlusToken
• USI Tech

{{reflist|2}}

{{Use dmy dates|date=March 2023}}

• [https://www.bbc.co.uk/programmes/p07nkd84/episodes/guide The Missing Cryptoqueen.] Podcast, BBC, since 2019.
• {{Cite news|newspaper=Süddeutsche Zeitung|last=Bovermann|first=Philipp|url=https://projekte.sueddeutsche.de/artikel/wirtschaft/fincen-files-die-milliardenbeute-der-kryptoqueen-e902472|title=Die verschwundene Königin.|url-access=subscription|language=DE|date=25 September 2020}}

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Category:Cryptocurrency projects

Category:Crypto Ponzi schemes

Category:Cryptocurrency scams