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“Cryptoqueen” (Part 1)

The biggest Ponzi scheme in history and still active to this day is the one created by the Bulgarian Dr. Ruja Ignatova a/k/a “Cryptoqueen”. It is a phenomenon related to a relatively well-known crypto currency known as “OneCoin”. Started in 2014 until 2019 an estimated 5 billion US dollars were invested by people from 175 countries. Probably many of whom didn’t realize they have fallen in the schemes of a very intelligent fraudster who had previous experience with multi-level marketing (MLM).

Inside the office of OneCoin subsidiary firm in Sofia, Bulgaria.

How she became a fraud

Born in Sofia, Bulgaria in 1980, Ruja Ignatova went on to become a PhD in European private law in 2005. She has also attended Oxford University and indeed had the needed credentials and potential to pull off a major scam. A curious case of a suspended sentence that Dr. Ignatova has been charged along with her father Plamen Ignatov was kept under the radar for some reasons which we are about to unveil later. Both have been officially convicted of fraud in Germany where they have operated an enterprise from which were stolen funds which otherwise would have been used for paying salaries to the workers. Shortly after the charges of fraud, an official bankruptcy has been declared by the company. Ruja Ignatova was given a suspended sentence of 14 months imprisonment.

Following her path to become “Cryptoqueen”, the 33-year-old then woman went on to join a team of fraudsters going by name of Prosper Inc. / Prosper Ltd.It is at this moment that she has made a new acquaintance in the face of Sebastian Greenwood with whom she will later create the OneLife Network Ltd (registered in Belize). They and a few others joined the creator of BigCoin Inc. – John Ng to try launching the first ever MLM crypto currency scheme in Asia. The plans to launch successfully BigCoin failed which was then followed by another attempt to launch another CC, known as BNA, but when that turn out to be the next failure, the members from Prosper Ltd. came up with a better strategy. It took Dr. Ruja Ignatova and the rest of the swindlers an year to create a Ponzi scheme which actually works, but in the end of 2014 they have finally done it. OneCoin Ltd. was born. It was registered in Dubai (UAE).

In the same year Dr. Ruja Ignatova went on to become quite popular outside of Asia, even though her predominant base of investors in the new crypto coin were mostly Chinese. In her country of Bulgaria, she was then the owner of five companies and was part of the management team of another twenty-six. Because of her growing influence she was nominated and afterwards elected Business woman of the year for 2014. During that time it was not a wide-known fact that this woman has actually been sentenced with imprisonment and she had failed attempts to launch MLM-based crypto currencies. Perhaps this was not only because she had a good PR strategy, but because of her involvement with powerful figures in Bulgaria.

(Continues in Part 2 )