Name of the Fraudster: Ruja Ignatova, also known as the “CryptoQueen”
Name of the Victims: Thousands of ordinary investors from around the world (from Europe, Asia, Africa, the Americas) who believed in the promise of big returns.
Name of the “Cryptocurrency”: OneCoin — which was not a real crypto as in decentralized blockchain-based, but rather a scheme pretending to be one.
What Actually Happened
OneCoin was launched in 2014 by Ruja Ignatova and her associates. It was presented as a new cryptocurrency that offered intense profits.
Investors were told to buy educational “packages” that came with some amount of OneCoin, with promises that the value would rise, that there was mining, traders, etc. But behind the scenes, there was no real blockchain supporting OneCoin — it was a Ponzi / pyramid scheme.
Early investors were paid (partially or with misleading statements) using money from later investors, building trust and drawing more people in. As more money flowed, Ignatova and her network accumulated huge sums.
The Amount Stolen 💸
Prosecutors estimate the OneCoin scam generated about US$4 billion globally from investors.
Many victims lost everything they invested. Some people in poorer communities even lost life savings, homes, etc.Ignatova disappeared in 2017 and remains a fugitive.
Why It’s So Shocking
The scale — Billions stolen, from people worldwide.
The deception — Promises of a real cryptocurrency, but the infrastructure was fake. The public trusted OneCoin because of heavy marketing, endorsements, and an appealing narrative.
The disappearance of the leader — Ruja Ignatova vanished. The mastermind is still at large.The damage — Financial loss, emotional trauma, legal battles, and a lot of distrust towards the crypto space because of cases like this.
Lessons Learned 🧠
Always verify whether a cryptocurrency is built on a real blockchain, with transparency in transactions.If returns are promised too good to be true (especially guaranteed profits), that’s a red flag.
Be suspicious if you can’t withdraw or there are hidden fees or complicated structures.Research the founders. If people are hard to track, or there are no credible audits or evidence of real operations, walk away.
If you want, I can write another story about a more recent scam or one with different methods (e.g. “pig-butchering”, hack, rug pull) so you can compare. Do you prefer that
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