OneCoin: the biggest scam in the history of cryptocurrencies

Cryptocurrencies since their inception have had several problems of trust, this is clearly due to misinformation and little knowledge that people have of this world, however, we must indeed be very careful and investigate well before investing our money in any cryptocurrency project because as in everything there will always be people who seek to take advantage of others especially those who are not very well informed.

As we mentioned if there have been scams within this world, but take an example one of the most notorious was the OneCoin scam, an organization that managed to persuade investors from 175 different countries to get up to 4 billion dollars.

Investors fell into the trap of Dr. Ruja Ignatova the ringleader behind OneCoin.

A bit of context

At London’s Wembley Arena in 2016, Ignatova claimed that OneCoin was on track to overtake Bitcoin. But in 2017, Dr. Ruja Ignatova disappeared and has not been heard from since.

This and other cryptocurrency-related scandals are easily recognizable to anyone who has covered financial information for any length of time: it’s the same old tricks but disguised with high tech.

But Dr. Ruja Ignatova managed to convince people that OneCoin was going to be “secure, easy to use, and borderless.” But nothing was further from the truth as Onecoin did not have a blockchain of its own nor was it the token of any blockchain and there was no wallet either.

How did this scam happen?

This organization started with headquarters in Bulgaria and then spread ramifications throughout the world.

They sold people a package with the promise of million-dollar profits. This package cost a minimum of about 140 euros and if you brought someone else you got a percentage of it. It was all a flower of plenty or a pyramid scheme.

The seduction to participate began with the invitation to be part of this venture. These ways of convincing were carried out in meetings, congresses, talks, dinners, and mega events that took place in luxurious hotels. The ultimate goal was to make people believe that the currency did have a life. But the digital currency never arrived, in this way, they managed to capture the attention of thousands of investors, and therefore the scam was a millionaire.

Conclusion

What we can take from this is that it is important to know things well before getting into them. In The Blue Manakin, we always encourage you to take care when you are navigating in this world, especially always inform yourself well before putting money into a project, and above all never invest money that you can not afford to lose.