“Are you having fun? Are you having a great time?” Asks the host of thousands of people gathered at Wembley Stadium. They are clearly full of excitement and animation. They came here for one person and soon she will appear on stage. It is June 2016. Charismatic, called the “female Mark Zuckerberg” and “queen of cryptocurrencies” Dr. Ruja Ignatova is playing in the flashes of light and intoxicates quickly gained wealth. The OneCoin cryptocurrency created by her appears to the world as a revolution in the field of technology and finance and is attracting more and more users. The fun is going on.
However, a year later Dr Ruja Ignatova disappears without a trace. The OneCoin exchange is suddenly closed, and the FBI and the US Department of Justice launch an international investigation against it and other scam participants. The media reveal that investors have entrusted the OneCoin and OneLife Network companies together with 4.5 billion euros. Now they cannot get back the money and no one seems to want to have fun anymore.
HOW DID IT HAPPEN
It seems that the trick has been played so many times that it has no right to go again, but the system of control of public institutions and self-control of ordinary human greed fails again. Stunning events, conferences, charisma and personality of the project’s face have once again misled people.
HOW DID THE SCAM WORK
The scheme was based on two mechanisms. First of all, using the “charm” of Bitcoin, the most famous cryptocurrency. The scam participants presented OneCoin as a “new, better Bitcoin” – even better protected and with even greater potential to increase its value. In addition, the mechanism of multi-level marketing was unfortunately used unethically. People at lower levels had to acquire new partners, build structures urging others to buy OneLife or OneAcademy educational packages, costing from 110 euros to over 27 000 euros.
By March 2017, people from 175 countries invested over 4.5 billion euros in OneCoin.
OneCoin numbers in social media are also impressive and say a lot about the scale of the deal: over 100,000 likes; YouTube – nearly 30,000 subscribers; Twitter – over 10,000 followers.
This question is the most difficult to answer. Dr. Ruja Ignatova has gone to ground and is escaping from justice. The investigation is ongoing and OneCoin still exists.
WHY WE PUBLISH THIS ARTICLE
First of all, as a warning to our readers. The financial pyramids deprived loads of people of their property, including homes and savings. Some members persuaded by “those above” took loans in order to enter the system. In the financial pyramids, 5% of people win money and lose friends … The rest lose everything.
We will write more about it