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According to officials, unlike other cryptocurrency, OneCoin is not supported by any secure, independent blockchain-type technology.
Instead, they claimed, it was a typical Ponzi scheme, in which the early investors are rewarded for finding new investors and then paid out using the proceeds.
A Bulgarian woman dubbed the “Crypto Queen” after she raised billions of dollars in a fraudulent virtual currency scheme was placed on the FBI’s 10 most wanted list Thursday.
The Federal Bureau of Investigation put up a $100,000 reward for Ruja Ignatova, who disappeared in Greece in October 2017 around the time US authorities filed a sealed indictment and warrant for her arrest.
The 42-year-old, who is also a German citizen, was behind one of the most notorious scams in the frequently treacherous world of crypto currencies.
In 2014 she launched OneCoin, ostensibly aiming to replace Bitcoin as the world’s leading virtual money.
“OneCoin claimed to have a private blockchain,” said FBI Special Agent Ronald Shimko in a statement.
“This is in contrast to other virtual currencies, which have a decentralized and public blockchain. In this case, investors were just asked to trust OneCoin,” he said.
Ignatova disappeared in 2017 as international investigators began to close in on her group.
“Investigators believe Ignatova may have been tipped off that she was under investigation by US and international authorities,” the FBI said Thursday.
“She traveled from Sofia, Bulgaria, to Athens, Greece, on October 25, 2017, and has not been seen since.”
Ignatova was placed on Europol's most wanted list on May 11, and the agency announced a reward of 5,000 euros ($5,200) for information leading to her whereabouts.
But as of Thursday, her name was removed from the list.
It was unclear why or when she got off of it, and neither European nor American officials have provided information indicating whether or not she is still alive.
Konstantin Ignatov, her brother, was detained at the Los Angeles International Airport in March 2019 and eventually entered a plea agreement with US law enforcement to admit guilt to wire fraud.
His sentencing has been postponed due to what the Justice Department claimed was continuous cooperation in the investigation in court files.
Sebastian Greenwood, a different companion, was jailed in Thailand in 2018 and then released.
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