'", Money might push people to invest in the first place, but the sense of belonging, of doing something, of achieving something, is why they stay, Barker says. For a long time, people have tried to create a form of digital money independent of state-backed currencies. The US Department of Prosecutions has charged Ignatova with conspiracy to commit wire fraud, wire fraud, conspiracy to commit money laundering, conspiracy to commit securities fraud and securities fraud. Doors opened. 2023 The Arena Media Brands, LLC and respective content providers on this website. In May 2015, already a very successful MLM seller, Igor Alberts was invited to a OneCoin event in Dubai, where he met lots of people, all apparently making fortunes with this new currency. Greenwood was arrested in 2018. "Look, nothing has happened. So it's our blockchain technology, a SQL server with a database.". Listen to The Missing Cryptoqueen podcast on BBC Sounds - the search for Dr Ruja Ignatova continues, with a new episode about the police leak out on 19 October. Lots of people were looking to get involved in this strange new opportunity. His colleagues - also private investigators - visited top-end restaurants in Athens armed with photos of Ruja, and in one of them several waiters claimed to clearly remember her dining there earlier this year. Daniel took me and Georgia to meet Prudence, who first introduced him to OneCoin. At first she was told it was something she didn't need to know, but when she persisted she finally got the truth in a voicemail in April 2017. Mr Schneider denies obtaining the documents, which he says were passed to him on a USB memory stick by Ms Ignatova. But when it comes to someone trying to find them - whether that's a journalist or a police officer - they are invisible.". The Forbes cover isn't: it was actually an inside cover - a paid-for advertisement - from Forbes Bulgaria, but once the real cover was ripped off, it looked impressive. "She was on her way. If it's true she was in these countries earlier this year, she probably has a fake identity. Ignatova was a convincing speaker. This proved to be fraudulent and she was sentenced to 14 months suspended jail sentence. The promoters said it was the larger packages that were really life-changing. In fact, she had gone underground. Any criticism or awkward questions were actively discouraged. pic.twitter.com/Qv2nNE8Mwf. To buy the packages some sold their cattle, their land and even their houses - with disastrous consequences. He claimed to be a good Samaritan, someone who had studied OneCoin carefully and wanted to speak to people who had invested. But towards the end of the year Jen McAdam was contacted by a stranger on the internet. Some are hiding. Investors often told us that what drew them in initially was the fear that they would miss out on the next big thing. Following her studies, she became a . A couple of people looked at the photographs and paused for a long time, raising our hopes - but then said they didn't recognise her. ", Some action at the OneCoin HQ at last. A reward is offered for information leading to the arrest of the co-founder of the alleged cryptocurrency 'OneCoin' in hiding since 2017. bka.de/oeffentlichkeitsfahndung14", "Ruja Ignatova: What we know about the OneCoin affair DW 07/05/2022", "OneCoin's Missing 'Crypto Queen' Is Now One of Europe's Most-Wanted Fugitives", https://twitter.com/VessOnSecurity/status/1627201381873352704/, "The life and crimes of Ruja Ignatova, new to FBI's 10 Most Wanted Ruja Ignatova", https://en.wikipedia.org/w/index.php?title=Ruja_Ignatova&oldid=1141594616, Short description is different from Wikidata, Articles containing Bulgarian-language text, Articles with failed verification from February 2023, Creative Commons Attribution-ShareAlike License 3.0. When there is nothing of value to sell, though, and all the money is made by recruiting other people, it is illegal and goes by another name: a pyramid scheme. When you're dealing with a scam worth billions of euros, it's not unusual for shadowy groups to get involved. I show his results to Bullough, who immediately notices how many British companies there are. Fairly soon Igor Alberts was making more than 1m a month from OneCoin, which quickly became the biggest product in network marketing. Hawara: 'What happened was horrific and barbaric'. Black-and-gold shoes, black-and-gold pleated suit, black-and-gold shirt, black-and-gold sunglasses, and he has a thick black-and-gold ring on. "You've been planning, planning for something. There's a famous saying in journalism, "Follow the money." Technically it was owned by a company called One Property. But we need to keep going, we needed to find the house. On 5 November 2019, the day after the final episode of The Missing Cryptoqueen podcast was released, Dr Ruja's brother, Konstantin Ignatov, appeared in court in New York, testifying for the government in a case against a lawyer accused of laundering $400m of the money OneCoin made in the US. It is a tale of 'greed and folly' perhaps even more scandalous than Holmes' billion-dollar Theranos bust-up. Why did the FCA drop its Cryptoqueen scam warning? "I was thinking: 'What is my job going to be? It was a cryptocurrency company, and it had been running for a while - but it didn't have a blockchain. But it is controversial, because usually only a small number of people make all the money. the FBI added Ruja Ignatova to its Ten Most Wanted Fugitives, The Missing Cryptoqueen: The Billion Dollar Cryptocurrency Con and the Woman Who Got Away With It, Cryptoqueen: How this woman scammed the world, then vanished, The life and crimes of Ruja Ignatova, new to FBI's 10 Most Wanted Ruja Ignatova, https://www.cnbc.com/2022/06/30/fbi-adds-cryptoqueen-to-ten-most-wanted-fugitives-list-for-fraud.htm, 'Cryptoqueen' Ruja Ignatova added to FBI's top ten most wanted list. She was dressed, as usual, in an expensive ballgown, wearing long diamond earrings and bright red lipstick. But there was something very important these investors didn't know. One spring day a few months earlier, Jen McAdam received a message from a friend about an unmissable investment opportunity. Authorities say she may have. And Peragon was owned by another company called Artefix, which was owned by Ruja's mother, Veska. "You can still use them to buy things, you can still use them to buy political influence and nice houses and yachts. You can also see more on the next episode of BBC Click. It wasn't just a fake cryptocurrency, it was an old-fashioned pyramid scheme, with the fake coin as its "product". "What's the name of the company?" Jen McAdam has a fiery Skype call with cryptocurrency enthusiast Tim Curry. [16] In 2014, she founded a pyramid scheme called OneCoin. She had been impressed by Ruja and the upward trend in the price of OneCoin without the fluctuations other cryptocurrencies usually have. This platform was launched after many delays. "I've been telling her it's changing. Before long, she had invested 10,000 of her own money - and persuaded friends and family to invest 250,000 of theirs. It's going to go bigger. "It's hard. There is a BBC Sounds podcast called "The Missing Cryptoqueen." "I thought, 'What???' I sell a box to my friends, Georgia and Phil, and make a small cut. In 2016 it was here that 22-year-old Daniel Lienhardt came as he was scraping together the 700,000 Ugandan shillings ($250) he needed to buy a OneCoin starter package. So with Georgia Catt, producer of The Missing Cryptoqueen podcast, I went to see Oliver Bullough, an expert on what he calls Moneyland - the shadowy parallel world where criminals and the super-rich hide their wealth. The smallest package cost 140, but they went all the way up to 118,000. (I tested this explanation on my mother, the family technophobe, and she told me I'd failed to make it clear enough and should start again. "In two years, nobody will speak about Bitcoin any more!" And that friend was visiting the richest neighbourhood in Frankfurt in summer this year. Now comes the story of Ruja Ignatova, the Bulgarian-born 'Cryptoqueen': an Oxford graduate who made billions by extorting normal people seduced by her cryptocurrency OneCoin. They live in an enormous house in an affluent neighbourhood on the outskirts of Amsterdam. I explain that this is probably beyond my abilities (apart from being illegal). Those events were packed and organized like rock concerts. At one, in July 2017, the American pop star Bebe Rexha performed a private set. She can't bring herself to tell them the truth. As a result, lawyers representing Ignatova made a formal claim on the property, listing her as the apartments beneficial owner in a filing with the UKs financial regulator. The daughter, we were informed, might be in Frankfurt. US authorities have warned that Ruja Ignatova may have changed her appearance since going missing in 2017, FBI agents believe Ms Ignatova travels with armed guards or associates, Mr Schneider was interviewed by the BBC's Jamie Bartlett, At the crash site of 'no hope' - BBC reporter in Greece. It's also notorious for exaggerated promises of high earnings and tough sales targets. You told me it was a cryptocurrency company.'". In November of the same year, he pleaded guilty to charges of money laundering and fraud. The Arena Media Brands, LLC and respective content providers to this website may receive compensation for some links to products and services on this website. We called the lawyer who is (or was) married to her, and he didn't want to talk. I've also been told by more than one person that it could be as much as 15bn. If you believe you have been a victim of fraud in relation to OneCoin or you suspect someone of actively marketing OneCoin, please come forward and report it to Action Fraud online.". Ruja Ignatova is wanted for her alleged participation in a large-scale fraud scheme. The 42-year-old Bulgarian-born woman is wanted for her alleged role in running a cryptocurrency scam known as OneCoin. He was arrested in March 2019 at LA Airport as he was about to board a flight to Bulgaria. Investors might not have understood the technology, but they could see her talking to huge audiences, or at the Economist conference. Do you know what agencies go after them? ', "I said: 'What? It's also been suggested that there are powerful people who might protect her in her native Bulgaria - and that she could hide in plain sight because of plastic surgery that makes her unrecognisable. Dr Ruja's genius was to recognise that established MLM sellers with huge downlines were the perfect vehicle to market her fake coin - a plan the FBI says she privately referred to as "the bitch of Wall Street, meets MLM". You think, 'Wait a bit longer. Investors who have worked hard their whole life and saved some money risked these savings, believing that by investing in OneCoin they could have a better future. [17], On 25 October 2017 Ignatova disappeared after being tipped off about increasing police investigations about OneCoin. It's as glitzy as you would expect. In 2016, Ms. McAdam had been in bed due to a chronic illness and she was unable to work. The Federal Criminal Police Office announced a 5,000 reward for information leading to an arrest. I don't want to be the person that breaks the news to Daniel's mother. And literally my legs just went, and I fell on the floor,'" she says. This mushrooms very rapidly - 25 rounds of recruitment later and everyone in the UK would be selling vitamins. "So we need you to build a blockchain," he went on. From either Greece or Romania Dr Ruja could be extradited to the US. Following her studies, she became a consultant for McKinsey and Co. Igor Alberts, the MLM seller, also talks about the involvement of "very influential people". VideoRecord numbers of guide dog volunteers after BBC story. [2][3][4] She is the subject of the 2019 BBC podcast series The Missing Cryptoqueen and the 2022 book of the same name. The self-styled crypto queen, however, is now wanted by law enforcement for her involvement in the OneCoin scheme. The key point is that these special blockchain databases are what make cryptocurrencies like Bitcoin work. His wife, Andreea Cimbala, nods along, adding that if he wakes up and puts on pink underwear, he sticks to pink as he chooses his shirt, trousers and jacket. Ruja Ignatova and her business partner Sebastian Greenwood conned their clients out of $4 Billion. A cryptocurrency start-up from Bulgaria was looking for a chief technical officer. Together with Daniel, Georgia and I travel south to meet his mother. Documents leaked to the BBC show that British people spent almost 30m on OneCoin in the first six months of 2016, 2m of it in a single week - and the rate of investment could have increased after the Wembley extravaganza. It seemed like easy money. There are also investors who feel guilty. This page was last edited on 25 February 2023, at 21:13. Perhaps it would put him in an uncomfortable position. Video, At the crash site of 'no hope' - BBC reporter in Greece, Record numbers of guide dog volunteers after BBC story. Some feared she'd been killed or kidnapped by the banks, who - they'd been told - had most to fear from the cryptocurrency revolution. "OK Jen they don't want to disclose that kind of information, just in case something goes wrong where the blockchain is being held. The worlds most wanted woman is now officially listed as the ultimate beneficial owner of a London penthouse,he told iNews. [13], In 2012, she was convicted of fraud in Germany in connection with her and her father Plamen Ignatov's acquisition of a company that shortly afterwards was declared bankrupt in dubious circumstances; she was given a suspended sentence of 14 months' imprisonment. In an interconnected global economy, assets can simply vanish, and you end up chasing shadows. If it doesn't happen, life is hard.". 2023 NYP Holdings, Inc. All Rights Reserved. Bjorn received 7.69 million euros which were transferred from Hong Kong. Answer 1 of 6: Hello out there. The UK's Financial Conduct Authority (FCA), which is responsible for regulating financial markets in the UK, issued a warning on its website only in September 2016. the congregations replies. VideoRecord numbers of guide dog volunteers after BBC story. Realizing that an arrest warrant was imminent and fearing that she could spend the rest of her life behind bars, Ruja decided to flee. But we were still surprised when, during our internet searches, Frankfurt started appearing over and over again. Bang!". Even Google - 'Don't listen to Google!'" Founded and led by Dr Ruja Ignatova, a Bulgarian law PHD graduate and businesswoman, it grew quickly, often driven by hyperbolic public events. When investors became members promoting OneCoin, they were getting a percentage margin on the proceeds from the people they had introduced and persuaded to invest in the company. It turned out to be a shouting match, but it would send McAdam's life in a new direction. [14][15], In 2013, she was involved with a multi-level marketing scam called BigCoin. "If you have any negativity you should not be in this group," she was told. It took McAdam three months to go through it all, but questions were starting to form. It depends upon a special type of database called a blockchain, which is like a huge book - one that Bitcoin owners have independent but identical copies of. He was initially contracted by OneCoin in order to develop their blockchain for them. Some sources think it could be four times that amount. Dr. Ruja Ignatova was born in Sofia, Bulgaria on May 30, 1980. The alleged motive for the murder was to conceal the drug lord's involvement in the OneCoin scam. Ignatova founded Onecoin in concert with Sebastian Greenwood and her brother, Konstantin Ignatov. The documents show attendees from Bulgaria's Interior Ministry at the March 2017 Europol meeting. It's no surprise, then, that OneCoin's corporate structure is incredibly complicated. [23] This listing was reciprocated by Europol adding Ignatova to its 'most wanted' list; however, Deutsche Welle notes that the Europol listing was removed under unknown circumstances. In this legal case, it is claimed that Ignatova acquired about 230,000 bitcoins, the largest known transaction for bitcoins, worth $48.5 million, from an Emirati royal in 2015. The UK began to insist recently that companies must enter the name of the person with "significant control" - the real owner. VIA HACHETTE BOOKS. The 16th century English buccaneer Sir Francis Drake died without heirs and this has inspired many to search for his supposed fortune, and others to swindle fortune hunters. I've even heard that she might be in London. He claims he has made 100m over the last 30 years. Men are drinking champagne from the bottle, everyone is eyeing us in a way that makes us feel very uncomfortable. "This is supposed to mean that you can no longer use a British company to hide behind," he says, as he scrolls down the page. MLM is not illegal. This was the secret of OneCoin's success. They are desperate to get their hands on the conwoman, offering a $100,000 reward for intel that ultimately leads to her arrest. 5 Nr. "We gathered the teams together and we started to work like crazy," he says. ", Such explanations don't offer much comfort to those affected. But in January 2017 it was shut down permanently. The documents include details of US authorities having a "high-placed confidential informant", OneCoin bank accounts receiving investor funds, and unsuccessful efforts by the UK's City of London Police to interview Ms Ignatova. FBI records presented in court documents earlier this year indicate that on 25 October 2017, just two weeks after her Lisbon no-show, she boarded a Ryanair flight from Sofia to Athens. The US Department of Justice, New York County District Attorney's Office, and Dubai Police did not comment. "They're very easy to set up and they look legitimate.". One of the main OneCoin offices in Kampala is attached to a church. She was entered into a Whatsapp group, with its own "leader" who disseminated information from the headquarters in Sofia. Greatly feared for his use of violence, Silas Jayne operated in the very dark underworld of the champion horse business. Maybe 1,000 wasn't enough? he recalls. Bishop Fred, we learned, is now one of the country's top promoters of OneCoin, though he says it's no longer promoted during church services. So we start unearthing previous addresses, known friends, old phone numbers, anything that could help us. OneCoin was not a cryptocurrency and it did not have blockchain technology. "I can only deduce that it came from the circles that she was in and the connections that she had through a variety of influential personalities.". A Maserati and Aston Martin are parked outside. [10][2] Claims that she may have studied at University of Oxford in England give no details of college, course, or date of matriculation. She is now on the FBIs list of the 10 most-wanted fugitives and is the only woman currently on the hit list. However, in October 2017, the scammer completely vanished as authorities circled and she hasnt been seen since. The problem, he explains, is that following the money isn't as easy as it sounds, because criminals structure their companies and bank accounts in such a way that their assets seem to disappear. That I don't know what they're thinking. They have persuaded their friends and families to invest in OneCoin. They thought I ate their money.". Daniel's mother then tells us that when she first saw me and Georgia, she assumed it was a good sign - that perhaps it meant that her money was going to arrive at last. He already had 400,000 shillings in savings, and to raise the rest he returned from the capital, Kampala, to his family home, took three goats raised by his younger brothers, and sold them. Just as he was boarding his flight home, he was pounced on by FBI agents, arrested, and charged with fraud in connection with OneCoin. His mother had doubts, but he persuaded her to put the money into OneCoin instead. But this is the first principle to grasp: money is only valuable because other people think it's valuable. Thanks for contacting us. Video, At the crash site of 'no hope' - BBC reporter in Greece, Record numbers of guide dog volunteers after BBC story. Prudence is a nurse in a Kampala slum, who thought she could make more money selling OneCoin and set about recruiting new investors. Although Jen McAdam had now seen the light, few other OneCoin investors had. Then a few days later we received a call from a trusted source we cannot identify. Police have warned that she has likely had plastic surgery to change her appearance, with hopes low that she would ever be caught. "There was no other way," he says ruefully. He didn't get it, and in December 2017 he quit. It emerged during a money-laundering trial in. Then he says I should check what yachts were bought in Athens around the time she arrived there from Sofia. That's the most important thing of all," he says. And plus, as an application, it doesn't need a server behind it. [21][22] An Interpol Red Notice followed. But there was something wrong. Whether it's Bank of England notes and coins, shells, precious stones or matchsticks - all of which have historically been used as money - it only works when everyone trusts it. Another lead comes our way when we pay a visit to a bizarre OneCoin beauty pageant in Bucharest. In October 2022, a documentary called "CryptoqueenThe OneCoin Scam" debuted at Mipcom Cannes. This is clearly a question for a professional, which is why Georgia and I went to see private investigator Alan McLean. Onecoin's Ruja Ignatova is a mysterious woman who has been on the run for over three years now. It said the Missing Cryptoqueen podcast "will not present any truthful information and cannot be considered objective, nor unbiased". She studied at Oxford University and received a PhD in International Law from the University of Constance. We don't know. Ruja Ignatova celebrating her birthday with her husband and OneCoin members. He claims metadata on the files suggests she obtained the information via her own contacts in Bulgaria. Dr Ruja's genius was to take all of this and sell the idea to the masses. This scam is estimated to be well over four billion dollars. "Maybe you can tell her Maybe" he says. To explain this, I need first to explain briefly how a cryptocurrency actually works. Sell a box to my friends, Georgia and Phil, and Dubai police did have. 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