The missing ‘cryptoqueen’ Ruja Ignatova has defrauded investors out of $4 billion cryptocurrency scam.
The £11 million London based apartment thought to belong to the fugitive Ruja Ignatova is now up for sale this month. She was the founder of OneCoin which turned out to be the biggest scam project in the history of the crypto industry.
Debuted as “Bitcoin Killer”, OneCoin was launched in 2014 by Ruja Ignatova and Karl Sebastian Greenwood in Bulgaria. The founders took advantage of the early wave of cryptocurrency when Bitcoin started getting a lot of attention from mainstream users, especially from the United States.
OneCoin wasn’t a cryptocurrency but a pure pyramid scheme disguised as a crypto project. Its growth was fueled by multi-level marketing where existing members received commissions for recruiting new members to the club by selling cryptocurrency packages.
However, the coin wasn’t mined by any member. It wasn’t listed on any crypto exchange and also it doesn’t have a ledger (public or private) to showcase the list of transactions on the network. In reality, it wasn’t a blockchain project but a scam in the name of Bitcoin Killer.
Soon after stealing $4 billion from the investors, she took a plane and went missing, never to be found until recently, when Lawyers representing the fraudster made a formal claim to the London based property (four-bedroom apartment).
The news suggests that she is still alive and there are clues which can be investigated to get close to her whereabouts. She is now part of the top 10 list of most wanted criminals by FBI. Her partner Karl Sebastian Greenwood was arrested last year in Thailand.
He was then extradited to the United States where he pleads guilty of the crime. The hunt for the cryptoqueen continues.
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Paras is a blockchain writer & video creator at Katoch Tubes. In his free time, he loves watching space exploration documentaries & Hollywood movies.