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Author Topic: OneCoin: The Biggest Scam Crypto Scam Ever?  (Read 187 times)
JollyGood
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September 26, 2019, 12:05:45 PM
Last edit: September 26, 2019, 06:12:08 PM by JollyGood
 #1

An article on the BBC website about the OneCoin scam. It is amazing that they received an estimated $4.9 billion in total funding  Shocked

Mystery of the disappearing 'Cryptoqueen' Ruja Ignatova: https://www.bbc.co.uk/news/technology-49826161

Is it the biggest crypto scam if it took $4.9 billion from investors? I cannot think of any other scam that received that much funding from either crypto or fiat world.

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November 05, 2019, 10:37:33 PM
 #2


OneCoin lawyer on trial for role in 'crypto-scam': https://www.bbc.co.uk/news/technology-50289982

The New York court trial of Mark Scott the lawyer representing Onecoin has begun. I wonder if he might try to make a deal with the prosecutors and tell them everything he knows about the co-founder of Onecoin who is Dr Ruja Ignatova. She is also known as he self-styled Cryptoqueen and has gone in to hiding.

SCAMS|| ADAB SOLUTIONS || BANKERA || BETKING BITSAFE & DEAN NOLAN || BITINGLE || CHANGELLY CHANGENOW & ATOMIC SWAP || COINSBIT || CRYPTOKNOWMICS || DIGITAL ASSETS PROGRAM || FURTCOIN || FLYP.ME || HITBTC || HOLY TRANSACTION ||
|| HUMANCOIN || HUMANITYONE || MINEXCOIN || MOBILEGO || REPUBLIA || ROCK TRADING || SOVRANOCOIN || SPECTROCOIN || SWIFTEX EXCHANGE || TOKENPAY || TRADESATOSHI || ULORD || VIBEO || 520bit/vitalii_invest/RoyalTeam ||
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November 05, 2019, 11:34:26 PM
 #3

Is it the biggest crypto scam if it took $4.9 billion from investors? I cannot think of any other scam that received that much funding from either crypto or fiat world.

Is that real billions or "XYZ amount of BTC in 2016 that would now be worth..." billions?

For example Bitconnect reached ~$500 at one point so the market cap with 10 million coins would be ~$5 billion but obviously the actual size of the scam was nowhere near that.

Still, whether its 4.9 billion or a fraction thereof, Ms Ignatova surely made enough money to pay for a citizenship in a warm country with no extradition treaty.

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November 06, 2019, 12:08:12 AM
 #4



Is it the biggest crypto scam if it took $4.9 billion from investors? I cannot think of any other scam that received that much funding from either crypto or fiat world.

Is that real billions or "XYZ amount of BTC in 2016 that would now be worth..." billions?

For example Bitconnect reached ~$500 at one point so the market cap with 10 million coins would be ~$5 billion but obviously the actual size of the scam was nowhere near that.

Still, whether its 4.9 billion or a fraction thereof, Ms Ignatova surely made enough money to pay for a citizenship in a warm country with no extradition treaty.

No, this is $4.9 billion in real fiat money, taken in payment for (plagiarized) crypto "education" material which, depending on the amount spent, came with some Onecoins, the "value" of which always increased.....
It is the biggest example of my bete noir MLM (Multi Level Marketing) schemes ever; I posted about it here back in the day but people turned up their noses at it as not a real cryptocurrency, which was exactly the point.
It's a fascinating and depressing story which will no doubt make a great film one day, and the BBC podcast series is well produced and well worth a listen.

The Cryptoqueen (she used to refer to Onecoin as the "Bitcoin Killer") is either in said warm country right now (Dubai), or the concrete footings of a Bulgarian bridge, leaving her brother as a guest of the Feds as we speak.



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November 06, 2019, 01:14:45 AM
Last edit: November 06, 2019, 01:30:47 AM by JollyGood
 #5

Is that real billions or "XYZ amount of BTC in 2016 that would now be worth..." billions?

For example Bitconnect reached ~$500 at one point so the market cap with 10 million coins would be ~$5 billion but obviously the actual size of the scam was nowhere near that.

Still, whether its 4.9 billion or a fraction thereof, Ms Ignatova surely made enough money to pay for a citizenship in a warm country with no extradition treaty.
I think in the press articles I read it implies $4.9 billion as actual funding they received from investors. Right now they say she is in hiding but things will be cleared up as time goes by.

What would be the point of having all that money if she looks over her shoulder for the rest of her life knowing she might be arrested if she is discovered.



No, this is $4.9 billion in real fiat money, taken in payment for (plagiarized) crypto "education" material which, depending on the amount spent, came with some Onecoins, the "value" of which always increased.....
It is the biggest example of my bete noir MLM (Multi Level Marketing) schemes ever; I posted about it here back in the day but people turned up their noses at it as not a real cryptocurrency, which was exactly the point.
It's a fascinating and depressing story which will no doubt make a great film one day, and the BBC podcast series is well produced and well worth a listen.

The Cryptoqueen (she used to refer to Onecoin as the "Bitcoin Killer") is either in said warm country right now (Dubai), or the concrete footings of a Bulgarian bridge, leaving her brother as a guest of the Feds as we speak.
We are talking about serious levels of criminality.

Just hiring out Wembley Arena in London to make their Onecoin announcement would have cost a lot of money so if the trail was followed I wonder where it would lead to.

There is a lot more going on but she has vanished and as you mentioned who knows if she is even alive. Maybe she has a fake identity now and is trying to live a normal life outside of the limelight or maybe something more grim may have happened.

The whole story will come out in the end but here is the Onecoin London Launch video: https://www.youtube.com/watch?v=9EibrWZ-L20

SCAMS|| ADAB SOLUTIONS || BANKERA || BETKING BITSAFE & DEAN NOLAN || BITINGLE || CHANGELLY CHANGENOW & ATOMIC SWAP || COINSBIT || CRYPTOKNOWMICS || DIGITAL ASSETS PROGRAM || FURTCOIN || FLYP.ME || HITBTC || HOLY TRANSACTION ||
|| HUMANCOIN || HUMANITYONE || MINEXCOIN || MOBILEGO || REPUBLIA || ROCK TRADING || SOVRANOCOIN || SPECTROCOIN || SWIFTEX EXCHANGE || TOKENPAY || TRADESATOSHI || ULORD || VIBEO || 520bit/vitalii_invest/RoyalTeam ||
|| READ MY FULL SCAM LIST
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November 06, 2019, 02:55:12 AM
 #6


Anyone wanting to research or read up on this incredible story could do worse than searching https://behindmlm.com/ which has been covering this scam for over five years, going right back to its origin in Bigcoin.
They are currently reporting on the trial of Mark Scott, the money laundering lawyer mentioned in the OP, and the latest is that Konstantin Ignatova, the Cryptoqueen's brother (currently held in the US on money laundering charges himself) has turned state's evidence in that case. Both Scott's and Ignatova's defenses appear to be based on "we didn't know it was a scam".
The trial is also being live Tweeted here.

They used to do the most outrageously brazen shit, a small example was faking CMC ratings (those were the days, BTC @ $428....)


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November 06, 2019, 09:11:16 AM
 #7

4.9 billion poured in a few months in a scam, bitcoin receiving pennies at that time...
One proof if we needed one more that this world is f up!

Quote
“It is a great turn-around. Somehow, I knew a day like this would come, my tears have now turned to joy. Our goal is to overtake Bitcoin and we are almost there. We are the new billionaires in town, thanks to our leader Dr. Ruja Ignatova.”

Triple facepalm!!!

I think in the press articles I read it implies $4.9 billion as actual funding they received from investors. Right now they say she is in hiding but things will be cleared up as time goes by.
What would be the point of having all that money if she looks over her shoulder for the rest of her life knowing she might be arrested if she is discovered.

I doubt anything will be cleared up more than it is already at this moment, the money is gone, the method they scammed is known, almost all the details are already known, what is left is finding her and what is left of the $. But, I doubt any will happen.
As for the second part, you will be amazed how many people will take those risks for a few hundred thousand, here we speak of millions.
Living a rich life for a few years or spend your entire life in poverty, for some the choice is obvious.

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November 06, 2019, 09:20:13 AM
 #8

OneCoin, as bad as it was, was fascinating in its own way. From its size, it somewhat reminded me of MMM Global and BitConnect. While I have no numbers on the former one, though, OneCoin was still bigger than BitConnect.

What all three have in common is: they were an absolute plague. Especially the OneCoin ads which were literally everywhere. Also lots of real life events, "coaching" on how to get the next level suckers in. People lose their live savings, mainstream media picks it up and throws it into one pot with Bitcoin.

I wonder if there's a way to counter such scams before they really evolve. People generally need better education on this. But the question is: would it even work? Here on BCT, one of the most frequent phrases is the "If it sounds too good to be true…" one. Literally anyone here has read it. But as soon as people's greed is triggered with high expectations, the brain somehow shuts off.

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November 06, 2019, 03:53:02 PM
Merited by LeGaulois (1)
 #9

Just a little taster of the testimony being given today by Konstantin, Ruja Ignatova's brother..... Shocked



Courtesy of https://twitter.com/innercitypress/status/1192084267901345793


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November 06, 2019, 05:54:57 PM
 #10

Just a little taster of the testimony being given today by Konstantin, Ruja Ignatova's brother..... Shocked

https://i.imgur.com/G2ZhL5C.png

Courtesy of https://twitter.com/innercitypress/status/1192084267901345793

Damn  Shocked
Just how heartless some people can be?
How do you even go on such a spending spree knowing that you just scammed someone?


OneCoin, as bad as it was, was fascinating in its own way. From its size, it somewhat reminded me of MMM Global and BitConnect. While I have no numbers on the former one, though, OneCoin was still bigger than BitConnect.

What all three have in common is: they were an absolute plague. Especially the OneCoin ads which were literally everywhere. Also lots of real life events, "coaching" on how to get the next level suckers in. People lose their live savings, mainstream media picks it up and throws it into one pot with Bitcoin.

I wonder if there's a way to counter such scams before they really evolve. People generally need better education on this. But the question is: would it even work? Here on BCT, one of the most frequent phrases is the "If it sounds too good to be true…" one. Literally anyone here has read it. But as soon as people's greed is triggered with high expectations, the brain somehow shuts off.
Schemes like Onecoin have always thrived because of hype. To be honest, i visited one of the 3rd world countries and in one of the towns that was evidently remote, i was so surprised to see a couple of cars moving around the street advertising onecoin on speakers as the "future of money"

The Aggressive hype and marketing model made locals around to know onecoin but nobody even talked about bitcoin.

I believe if such energy was channelled towards educating people about bitcoin and certain crypto scams. I am very sure very many people would be more knowledgeable and perhaps it would also rapidly increase bitcoin's adoption.

Unfortunately the scammers are the one advertising aggressively, and they give cryptocurrencies a very bad name. After getting scammed i don't think you can go back to such communities and tell them to buy bitcoin, and they do. They will instantly say that Bitcoin is also scam.

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November 06, 2019, 05:55:13 PM
 #11

Thank you for reminding me of that Cheesy. I didn't know OnecoinScam is still alive. It was my preferred soap opera in the crypto space. I thought it died when we proved that it had no blockchain but just a database.
Someone could really make an awesome movie from it. A lot better than Bitconnect. Look like I have a lot of things to catch up with on BehindMLM.

Quote
AUSA Folly: Who mostly set up the shell companies?
Konstantin: Irina Dilkinska.
AUSA: As a Bulgarian, what did you call those who worked on this?
Konstantin: Monkeys.
AUSA: OneCoin investors sent money to these shell companies?
Konstantin: Yes.
Cheesy

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November 06, 2019, 07:00:19 PM
 #12


That image reminds me how far we have come and how much has changed in crypto-land.

And thank you for link, I will be keeping an eye on from time to time: https://twitter.com/InnerCityPress




SCAMS|| ADAB SOLUTIONS || BANKERA || BETKING BITSAFE & DEAN NOLAN || BITINGLE || CHANGELLY CHANGENOW & ATOMIC SWAP || COINSBIT || CRYPTOKNOWMICS || DIGITAL ASSETS PROGRAM || FURTCOIN || FLYP.ME || HITBTC || HOLY TRANSACTION ||
|| HUMANCOIN || HUMANITYONE || MINEXCOIN || MOBILEGO || REPUBLIA || ROCK TRADING || SOVRANOCOIN || SPECTROCOIN || SWIFTEX EXCHANGE || TOKENPAY || TRADESATOSHI || ULORD || VIBEO || 520bit/vitalii_invest/RoyalTeam ||
|| READ MY FULL SCAM LIST
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November 06, 2019, 08:03:26 PM
 #13

Schemes like Onecoin have always thrived because of hype. To be honest, i visited one of the 3rd world countries and in one of the towns that was evidently remote, i was so surprised to see a couple of cars moving around the street advertising onecoin on speakers as the "future of money"

The Aggressive hype and marketing model made locals around to know onecoin but nobody even talked about bitcoin.
Wow, this is indeed interesting. A decade ago or two, I had this idea that people's proneness to get scammed (or become religious extremists) is directly correlated to the amount of desperation they suffer from. So, in a first world country where most people's lives are relatively safe, economy stable, government more or less intact etc, you'll rarely see huge amounts of religious extremists burning down the country, as well as scams like the OneCoin one.

Surely, that doesn't mean that there are no OneCoin victims in the USA, in Germany, Great Britain etc, but I think it plays on a different level. Having people tout OneCoin through speakers on a car would be a rather funny incident, here. But in countries with high desperation, such things have a higher chance for success. People just cling on things which pretend to offer "some way out" if they're desperate enough, regardless of how scammy it comes across.

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November 07, 2019, 04:28:09 PM
 #14

4.9 billion poured in a few months in a scam, bitcoin receiving pennies at that time...
One proof if we needed one more that this world is f up!

Quote
“It is a great turn-around. Somehow, I knew a day like this would come, my tears have now turned to joy. Our goal is to overtake Bitcoin and we are almost there. We are the new billionaires in town, thanks to our leader Dr. Ruja Ignatova.”

Triple facepalm!!!

I think in the press articles I read it implies $4.9 billion as actual funding they received from investors. Right now they say she is in hiding but things will be cleared up as time goes by.
What would be the point of having all that money if she looks over her shoulder for the rest of her life knowing she might be arrested if she is discovered.

I doubt anything will be cleared up more than it is already at this moment, the money is gone, the method they scammed is known, almost all the details are already known, what is left is finding her and what is left of the $. But, I doubt any will happen.
As for the second part, you will be amazed how many people will take those risks for a few hundred thousand, here we speak of millions.
Living a rich life for a few years or spend your entire life in poverty, for some the choice is obvious.

I think it will be very difficult to hide billions of USD$. There will be a trail somewhere and the first to pounce on those funds when they are located will be the US authorities.

Looking back it is hard to belive that this trash managed to close the gap on Bitcoin to the length it did.

SCAMS|| ADAB SOLUTIONS || BANKERA || BETKING BITSAFE & DEAN NOLAN || BITINGLE || CHANGELLY CHANGENOW & ATOMIC SWAP || COINSBIT || CRYPTOKNOWMICS || DIGITAL ASSETS PROGRAM || FURTCOIN || FLYP.ME || HITBTC || HOLY TRANSACTION ||
|| HUMANCOIN || HUMANITYONE || MINEXCOIN || MOBILEGO || REPUBLIA || ROCK TRADING || SOVRANOCOIN || SPECTROCOIN || SWIFTEX EXCHANGE || TOKENPAY || TRADESATOSHI || ULORD || VIBEO || 520bit/vitalii_invest/RoyalTeam ||
|| READ MY FULL SCAM LIST
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