Ignatova, a Bulgarian, vanished in 2017, after OneCoin, a cryptocurrency she founded (now acknowledged as a ponzi scheme) to ‘change the world and take over from bitcoin,’ had taken in at least $4 billion from investors.
The company initially operated as a multi-level marketing (MLM) network whose main goal was to invest in a new type of cryptocurrency.
OneCoin employed a referral structure to have its many participants attract new actively investing members in exchange for interest. After success with that strategy, it rolled out OneCoin, which it dubbed as a new type of cryptocurrency superior to bitcoin.
The company’s owners claimed that OneCoin could only be mined on servers run by themselves and that the price of the coin was based on the current supply and demand on the market.
Details first surfaced in 2021 in leaked documents from Dubai’s courts posted online by a lawyer who crowned Dr. Ruja – as she’s known – the ‘most successful criminal in history.’