BBC journalists found out where OneCoin money disappeared

OneCoin tested the first crypto Ponzi scheme with a “unique token” and pulled 4 billion euros from gullible users, according to official data. The ideological inspirer of the project and its main media personality, Ruja Ignatova, was able to prove to the world that the Ponzi scheme has not lost its relevance. It does not matter what to offer people – a non-existent cryptocurrency or shares of a company that produces water in the Sahara – it is enough to promise a profit of 100% per month and keep the promise only during the first weeks.

Ruja Ignatova skillfully played the role of a strong woman in the male crypto world. Source btvnovinite.bg

On the crest of the cryptocurrencies popularity, Ignatova said that her team has created a new coin that is not subject to volatility because it has a “special system”. OneCoin was positioned as a “bitcoin killer” and a technological breakthrough. But in the user agreement on the part of One Coin Ltd, it was indicated in small print that this was an educational project to improve the financial literacy of the population, and the coin of the project was a visual aid for students.

Few people read what is written on the last page of the contract in small print. But in vain. The scheme participants realized the evil irony of this postscript only after the entire system collapsed.

We will not go into the details of the scam, but it is important to note that in a short time the project received international status, wide media support, the ability to hold online conferences and telethons.

So the BBC investigative reporters, led by Jamie Bartlett, asked the logical questions:

1. How did it happen that financial regulators and tax officials ignored the scheme for 2 years? After all, the pyramid worked in 170 countries and more than 3 million people became its participants!

2. Who funded the $2 billion advertising campaign that was the largest in the world in the past 10 years?

3. Why were all network leaders arrested (more than 100 people), but Ruzha Ignatova herself in October 2017, without interference, boarded a plane en route from Sofia to Athens and disappeared?

4. Why has Ignatova still not been brought to trial despite the fact that the FBI has added her to the list of most wanted people?

5. $1.7 billion was returned to depositors. If all the company's accounts were frozen, then where is the remaining $2.3 billion?

6. How much money did those who were behind the creation of OneCoin actually earn, and who are these people?

Surprising facts surfaced during the investigation.

Firstly, it turned out that the amount that was pulled out of the pockets of gullible participants in the pyramid is much more than the official one. According to the calculations of journalists, it fluctuates between 14-15 billion euros.

Secondly, it turned out that the Bulgarian Security Service leaked information to Ignatova about the progress of the investigation against her. And this information, in turn, was leaked by Interpol.

Thirdly, the journalists discovered that the OneCoin team was collaborating with members of the royal family in the UAE. Sheikh Faisalom bin Sultan Al-Qassimi personally helped to release funds frozen on suspicion of money laundering.

And the investigation, which is dangerous for many official organizations and the powers that be, continues. You can follow its progress on the Lost Queen of Cryptography podcast on the BBC website.