A $5 Million Bounty on the Founder of OneCoin
The United States government has recently announced a hefty reward of up to $5 million for any information that could lead to the arrest of Ruja Ignatova, the founder of the infamous OneCoin. This move is part of a collaborative investigation between Bulgarian and American authorities into a significant financial fraud and money laundering scheme.
- Bulgaria’s temporary chief prosecutor, Borislav Sarafov, highlighted the joint efforts between Bulgarian and US law enforcement agencies in addressing the case.
- Sarafov stressed the ongoing investigations in both countries against Ignatova, who faces charges tied to the fraudulent OneCoin financial pyramid scheme.
One of the FBI’s Most Wanted
US Ambassador Kenneth Merten emphasized the severity of the accusations against Ignatova, labeling the OneCoin scheme as one of the most massive frauds in history, with victims allegedly losing over $4 billion.
- Plamen Tonchev, the head of Bulgaria’s State Agency “National Security” (SANS), described Ignatova’s involvement in the OneCoin scheme as a fraudulent financial operation similar to a pyramid scheme.
The Saga of OneCoin
The inception of OneCoin dates back to 2014 when Ruja Ignatova established the company, claiming it operated similarly to any other cryptocurrency. However, investigations revealed the absence of a genuine OneCoin blockchain model or payment system.
- As suspicions and inquiries escalated in multiple countries, questioning its legitimacy as a pyramid scheme, OneCoin’s reputation began to crumble.
- The Norwegian Direct Selling Association was among the first to denounce the scam as a pyramid scheme in March 2016, followed by a cautionary statement from the Hungarian Central Bank in May of the same year.
In 2017, OneCoin falsely asserted it was the initial company licensed by the Vietnamese government for digital currency usage, an assertion Vietnam promptly dismissed. Subsequently, Bulgarian authorities raided OneCoin’s office in 2018, leading to Ignatova’s disappearance after an arrest warrant was issued.
After Ignatova’s escape from Sofia to Athens in 2017 evading arrest, she was included in the FBI’s 10 Most Wanted Fugitives list in 2022.
Hot Take: The Fallout of OneCoin’s Founder
The ongoing investigations and legal actions against Ruja Ignatova demonstrate the resolve of international authorities in pursuing individuals involved in fraudulent schemes. The recognition of OneCoin as a substantial fraud emphasizes the importance of transparency and accountability in the crypto space to protect investors from potential scams.
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