OneCoin

[4] OneCoin is considered a Ponzi scheme due to its organisational structure of paying early investors using money obtained from newer ones.

[9] Ruja Ignatova disappeared in 2017 when a secret US warrant was filed for her arrest, and her brother, Konstantin Ignatov, took her position at the company.

[citation needed] It was shut down again without notice in January 2017, though individuals affiliated with the company continued to accept funds.

[24][10] On 30 September 2015, Bulgaria's Financial Supervision Commission (FSC) issued a warning of potential risks in new cryptocurrencies, citing OneCoin as an example.

[25] After the warning, OneCoin ceased all activity in Bulgaria and started to use banks in foreign countries to handle wire transfers from participants.

[26] In February 2016, the British newspaper the Daily Mirror wrote that OneCoin / OneLife is a get-rich-quick scheme scam and a cult, calling it "virtually worthless".

[4] In December 2016, the Italian Antitrust Authority (Autorità Garante della Concorrenza e del Mercato) "adopted an interim injunction against the company One Network Services Ltd., active in the promotion and dissemination of cryptocurrency OneCoin", and its representatives in Italy, describing their activities as an "illegal pyramid sales system" ("sistema di vendita piramidale vietato dalla legge"), and ordering them to cease promoting and selling OneCoin in Italy.

[41] On 27 April 2017, Germany's Federal Financial Supervisory Authority (BaFin) issued cease and desist orders to Onecoin Ltd, Dubai, and OneLife Network Ltd, Belize.

[45] On 20 June 2017, Vietnam's Ministry of Planning and Investment (MPI) issued a statement that the document which OneCoin used as proof was forged.

[46][45] On 10 July 2017, Ruja Ignatova, the CEO, was charged in India with duping investors as a part of the Indian investigation.

Ruja Ignatova's collaborator and OneCoin's co-founder Sebastian Karl Greenwood (age 47–48) was arrested in Thailand in July 2018.

[14][50][11] Greenwood used money from Onecoin to buy international real estate, expensive clothing and watches, and to make a kr 6,500,000 down-payment on a Sunseeker yacht.

[51] On 21 November 2019 the New York Federal Court found lawyer Mark Scott guilty of money laundering and bank fraud for his role in routing US$400m out of the US.

[52] On 24 November 2019 the BBC published a detailed investigation of OneCoin and Ignatova titled "Cryptoqueen: How this woman scammed the world, then vanished".

[citation needed] The company OneCoin, Ruja Ignatova and Gilbert Armenta have been found in default at an ongoing trial in the US.

[55][56] On June 30, the Federal Bureau of Investigation added Ignatova to the FBI Ten Most Wanted Fugitives list, offering a reward of up to $100,000 for information leading to her arrest.

[14] In March 2023, OneCoin's former legal and compliance officer Irina Dilkinska was caught and extradited from Bulgaria to the United States.