One of the leaders of Onecoin’s largest crypto Ponzi schemes, Ruja Ignatova, otherwise known as the “Cryptoqueen,” is believed to own 230,000 bits more than $ 11 billion today. Court documents filed by victims of the Onecoin plan indicate she received the coins from a member of an emirate royal family in Dubai.
Onecoin’s Cryptoqueen May Have $ 11 Billion in Bitcoin
Ruja Ignatova of Onecoin is a mysterious woman who has been fleeing for more than three years now. Ignatova founded Onecoin in concert with Sebastian Greenwood and her brother, Konstantin Ignatov. The Onecoin Ponzi was a multilevel marketing (MLM) venture that featured packages that were apparently linked to a blockchain network.
Ignatova and her cohorts told the public that Onecoin would be the most dominant cryptocurrency and would ultimately be a “bitcoin killer.” Due to its organizational structure and fraudulent claims, the crypto community immediately warned people about Onecoin’s operations.
Onecoin started on 16 September 2014, and by 2015, the Financial Control Commission Bulgaria (FSC) had issued a warning about the project. The Ponzi’s headquarters were in Bulgaria, however it was registered as a foreign company in Dubai and its subsidiary Onelife Network was registered in Belize.
In late 2016, cracks appeared and investigators said the project never used any blockchain technology. In 2017 U.S. police sent a secret arrest warrant for Ignatova and the Cryptoqueen disappeared.
Sebastian Greenwood was arrested in 2018 and her brother Konstantin Ignatov was arrested in Los Angeles in March 2019. Since then, the founders have been handling a number of court cases, as U.S. prosecutors have claimed that Onecoin fraudulently raised $ 4 billion from global participants.
Konstantin Ignatov pleaded guilty to fraud and money laundering in November 2019 but the Cryptoqueen was never caught. Now a court of victims of the Onecoin plan shows that Ruja Ignatova may have billions in bitcoin.
Doubtful Benefits of Ruja Ignatova and Her Alleged Relationship with a Member of Emirati Royal Family
Reports indicate that the Cryptoqueen may have an account in Dubai $ 500 million but documents also claim that Ruja Ignatova could get 230,000 BTC. Reports claim she acquired the $ 11 billion bitcoins from Sheikh Saoud who is the son of one of the richest individuals in Dubai.
The exact details of the transactions are not clear, but the deal was supposed to take place in October 2017 when BTC traded around $ 6k per unit. Behind MLM says the Cryptoqueen’s alleged relationship with Sheikh Saoud “came with bonuses.”
Ruja Ignatova was able to obtain “Diplomatic Certificates” from the Intergovernmental Cooperation Action Fund for Excellence (ICAFE) and the United Arab Emirates (UAE). Behind the MLM report emphasizes “Ignatova was able to travel with impunity.” An article published by financial columnist Rick Steves explains that former real estate agent Mimoun Madani was also involved.
“Ponzi’s plan introduced billions to banks and real estate in Dubai, where he was allegedly helped by His Excellency Sheikh Saoud bin Faisal Al Qassimi and former real estate agent Mimoun Madani,” Steves wrote. The reporter also described the transaction between the wealthy individuals based in the UAE who allegedly gave her thousands of coins. The article notes:
Sheikh Al Qassimi, in a well-documented and certified transaction, handed over four hard wallets (USB devices) containing 230,000 Bitcoins then worth about $ 50 million against the now frozen [Onecoin] bank accounts, other assets and real estate in the UAE are worth perhaps $ 1 billion.
Behind MLM researchers say Ignatova’s disappearance has been attributed to a number of locations and possibly death. Numerous reports in recent years suggest that Ignatova could be located in the UAE region, Russia or Greece. The researchers further explain that the United Arab Emirates and the United States do not share an extradition treaty.
The lawyer representing the victims Dr. Jonathan Levy blames the situation in general on the digital currency system.
“Regulators seem indifferent to the fact that the main purpose of cryptocurrency is to facilitate and reward criminals like Ruja Ignatova. It’s no coincidence that Ignatova is the main beneficiary of the Bitcoin bubble, ”stressed Levy, the plaintiff’s lawyer.
What do you think of Onecoin’s Ruja Ignatova, who may own 230,000 bitcoins? Let us know what you think about this topic in the comments section below.
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