The story of the "Cryptoqueen" is both intriguing and cautionary. Dr. Ruja Ignatova, known as the Cryptoqueen ๐, is the infamous figure behind OneCoin, a cryptocurrency scam that defrauded investors worldwide out of billions of dollars ๐ธ.
How She Did It:
Dr. Ruja Ignatova founded OneCoin in 2014, promoting it as a revolutionary digital currency that would rival Bitcoin ๐. She marketed OneCoin through a multi-level marketing scheme, attracting investors by promising massive returns and leveraging flashy events and high-profile endorsements ๐. The company claimed that OneCoin was a mined cryptocurrency, though in reality, it had no blockchain technology backing it.
The Scam Unravels:
Despite numerous warnings and red flags ๐ฉ from financial authorities and experts, OneCoin amassed billions of dollars from investors around the globe ๐. The faรงade began to crumble as investigations revealed that OneCoin was a Ponzi scheme. The value of OneCoin was not determined by market supply and demand but was arbitrarily set by the company. Investors could not trade OneCoin on any independent exchange, further exposing the scam.
The Vanishing Act:
In October 2017, as authorities closed in, Dr. Ruja Ignatova disappeared ๐ต๏ธโโ๏ธ. She missed a planned appearance at a OneCoin event in Lisbon, and her whereabouts have remained unknown since. Reports suggest she may have fled with significant sums of money ๐ฐ, possibly using a variety of aliases and disguises to evade capture.
Aftermath:
In the wake of her disappearance, several of her associates were arrested ๐, and OneCoin operations were shut down. Victims of the scam have continued to seek justice โ๏ธ, but recovering their lost investments has proven challenging.
The story of the Cryptoqueen serves as a stark reminder of the risks associated with investing in the unregulated world of cryptocurrencies and the importance of due diligence ๐ก๏ธ.
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