In early 2014, a beautiful Bulgarian young woman named "Ruja Ignatova" appeared, who studied law at the prestigious University of Oxford, later obtaining her doctorate from the University of Konstanz in Germany, to announce the establishment of a company for managing digital assets named #OneCoin along with a cryptocurrency project of the same name, promoting it as a revolutionary digital currency backed by advanced blockchain technology capable of competing with #البيتكوين and other cryptocurrencies, only to find out later that these claims were all lies, as there was no real blockchain or encryption technology behind the currency, and the currency itself was not tradable in real markets.
The Elegant Fraudster:
Ruja used her elegant appearance, academic and financial background, and her work in law to convince investors and business people of the credibility of the OneCoin project as an easy and profitable investment opportunity, attracting thousands of people from around the world, especially from Europe, Asia, and Africa.
They were operating with a Ponzi scheme where investors would buy "educational packages" containing units of "OneCoin," promising them huge and quick returns, claiming that the value of the currency would rise significantly in the future.
Revealing the Fraud:
After two years, suspicions began to arise about OneCoin, and the media and regulatory bodies started investigating the project, revealing that the currency did not have a real blockchain technology, and that the alleged value of the currency was completely fictitious. However, after the company raised approximately $4 billion, it was used to fund a lavish lifestyle for the officials instead of developing the currency.
The Disappearance of Ruja:
In 2017, she suddenly disappeared after international investigations began to widen, and she was accused of fraud and money laundering, with Interpol issuing an international arrest warrant against her.
This was followed by the arrest of several individuals involved in the OneCoin project, including "Konstantin," Ruja's brother, and several people linked to this project were convicted in the United States and Europe.
However, "Ruja" remains missing to this day, believed to be living under a false identity in an unknown country, after she defrauded and seized the savings and money of the unfortunate investors.
The Conclusion:
This case is considered one of the largest scandals and frauds in the history of cryptocurrency, to the extent that the media dubbed the main perpetrator "Ruja Ignatova" the "Queen of Fake Bitcoin."
Her story and that of "OneCoin" became a cautionary tale for investors about the importance of verifying the credibility of investment projects, showing how false promises and misleading marketing can deceive even seasoned investors, let alone small traders and those unfamiliar with the craft.
