Sunday, June 4, 2023
Crypto News
Advertisement
  • Home
  • Cryptocurrency
  • Bitcoin
  • Altcoin
  • Cardano
  • Ethereum
  • Blockchain
  • Ripple
  • Videos
No Result
View All Result
  • Home
  • Cryptocurrency
  • Bitcoin
  • Altcoin
  • Cardano
  • Ethereum
  • Blockchain
  • Ripple
  • Videos
No Result
View All Result
Crypto News
No Result
View All Result
Home Cryptocurrency

Explained: Who is ‘cryptoqueen’ Ruja Ignatova, now among FBI’s ten most wanted?

by Crypto News
July 3, 2022
in Cryptocurrency
0
Explained: Who is ‘cryptoqueen’ Ruja Ignatova, now among FBI’s ten most wanted?
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter


Dr Ruja Ignatova, the self-styled ‘cryptoqueen’, who allegedly led one of many world’s largest cryptocurrency scams, is now on the Federal Bureau of Investigation’s 10 Most Needed Fugitives checklist, the probe company introduced on Thursday (June 30).

Related articles

12 Best Cryptocurrency Exchanges in the US

12 Best Cryptocurrency Exchanges in the US

November 28, 2022
Using Risk/Reward Ratios in Cryptocurrency Trading I India CSR

Using Risk/Reward Ratios in Cryptocurrency Trading I India CSR

November 28, 2022

Investigators have accused the 42-year-old girl, who was born in Bulgaria, of defrauding victims of greater than $4 billion (€3.83 billion) by the OneCoin cryptocurrency firm that she based in 2014

The FBI is providing a $100,000 reward for any info resulting in the arrest of Ignatova, who has been lacking since 2017, when US officers first issued a warrant for her arrest.

She is simply the eleventh girl to be included within the FBI’s Ten Most Needed Fugitive Listing in its 72 yr historical past, as reported by Forbes.

‘Outdated rip-off with a digital twist’

Earlier than main some of the infamous cryptocurrency scams, Ruja Ignatova had an illustrious resume, with a regulation diploma from Oxford and a stint with McKinsey.

In 2014, she established OneCoin Ltd, and the ‘cryptoqueen’ started to market her foreign money as a “bitcoin killer.” In keeping with investigators, Ignatova made false representations to obtain enormous quantities of funds from traders, lots of whom didn’t totally perceive the way to spend money on cryptocurrency. The corporate operated all over the world, and had greater than 3 million traders from over 100 international locations. Information that had been obtained through the investigation reveal that between the fourth quarter of 2014 and third quarter of 2016 alone, OneCoin generated a whopping €3.353 billion in gross sales income and earned “earnings” of €2.232 billion.

“She timed her scheme completely, capitalizing on the frenzied hypothesis of the early days of cryptocurrency,” mentioned Damian Williams, the highest federal prosecutor from Manhattan.

Ignatova promised traders huge returns at minimal danger and, in response to prosecutors, provided consumers a fee, in the event that they offered OneCoin to extra folks, in order to lure much more folks into shopping for her fraudulent foreign money.

IRS Particular Agent in Cost, John R. Tafur referred to as it “an previous rip-off with a digital twist” — which was made for the only real goal of defrauding traders.

The “exit technique” for OneCoin was to “take the cash and run and blame another person,” Ignatova mentioned to her co-founder in an e mail unearthed through the investigation.

Investigators allege that it was basically a Ponzi scheme from the very begin, which was falsely portrayed as a cryptocurrency. Ponzi schemes are a form of fraud the place one occasion guarantees excessive returns on funding with little to no danger. Early traders are repaid by buying new ones. As soon as there usually are not sufficient folks to safe new rounds of funding, the scheme collapses and traders lose their cash.

How the rip-off labored

The misrepresentations Ignatova and different OneCoin representatives are mentioned to have conned victims of the fraud by a collection of false and deceptive statements.

That they had promised that OneCoin cryptocurrency was ‘mined’ by mining servers and its worth was primarily based on market provide and demand, with the worth supposedly rising from €0.50 to round €29.95 per coin, as of January 2019. In actuality, OneCoin was not mined in any respect, and its worth was utterly decided internally by Ignatova and her co-conspirators.

OneCoin additionally claimed to have a blockchain (a digital ledger that identifies the foreign money and data its historic transactions) that’s utilized by different crypto currencies. Because it was not secured by any such know-how, the OneCoin tokens had been principally nugatory, as they might not be actively traded, couldn’t be used to purchase something and traders had no manner of tracing their cash.

“OneCoin claimed to have a non-public blockchain,” mentioned FBI Particular Agent Ronald Shimko in a press release reported by AFP.

“That is in distinction to different digital currencies, which have a decentralized and public blockchain. On this case, traders had been simply requested to belief OneCoin,” he mentioned.

Ignatov additionally repeatedly advised OneCoin members that an “initial public offering” of the corporate would happen on numerous dates between 2018 and 2019, to create pleasure and obtain much more funding from the victims. Nonetheless, the FBI stories that this providing was constantly postponed and it by no means happened.

The escape

The ‘cryptoqueen’ disappeared into skinny air in 2017, when investigating our bodies from internationally started to seek for her.

Ignatova had bugged her boyfriend’s house after rising suspicious of him. When she discovered that he was cooperating with an FBI probe into OneCoin, she instantly boarded a flight from Bulgaria to Greece and has not been seen since.

She speaks English, German and Bulgarian and is likely to be utilizing a pretend passport. She has brown eyes and darkish hair, nonetheless investigators declare that she may need modified her look, in response to the New York Put up.

Ignatova has since been charged with conspiracy to commit wire fraud, wire fraud, conspiracy to commit cash laundering, securities fraud and conspiracy to commit securities fraud, by the US authorities.

In keeping with The Washington Put up, the primary 4 counts every carry a sentence of as much as 20 years in jail, whereas the final is punishable by as much as 5 years in jail.

After 2017, her brother Konstantin Ignatov took over the corporate. Nonetheless, he was arrested in Los Angeles by the FBI in 2019 for wire fraud. After pleading responsible to a collection of felonies, he entered right into a plea deal to cooperate with US authorities, in response to The Washington Put up.

Together with him, US company lawyer Mark Scott was additionally convicted in 2019 for laundering $400 million for OneCoin.





Source link

Share76Tweet47

Related Posts

12 Best Cryptocurrency Exchanges in the US

12 Best Cryptocurrency Exchanges in the US

by Crypto News
November 28, 2022
0

On this piece, we are going to check out the 12 finest cryptocurrency exchanges within the U.S. For extra...

Using Risk/Reward Ratios in Cryptocurrency Trading I India CSR

Using Risk/Reward Ratios in Cryptocurrency Trading I India CSR

by Crypto News
November 28, 2022
0

Within the crypto buying and selling area, a threat/reward ratio of 1:3 is nice for a selected buying and...

Cryptocurrency relates geopolitical bipolarity, seeking regulatory transparency

Cryptocurrency relates geopolitical bipolarity, seeking regulatory transparency

by Crypto News
November 28, 2022
0

The most important cryptocurrency change on the planet, Binance, withdrew its serving to hand for FTX's liquidity disaster earlier...

Caution Urged: State issues cryptocurrency advisory to investors | News

Caution Urged: State issues cryptocurrency advisory to investors | News

by Crypto News
November 28, 2022
0

Lincoln County residents and people throughout the state in search of funding alternatives are being cautioned about the place...

PNP warns public vs fake cryptocurrency investments

PNP warns public vs fake cryptocurrency investments

by Crypto News
November 27, 2022
0

Ralph Edwin Villanueva - The Philippine StarNovember 28, 2022 | 12:00am MANILA, Philippines — The Philippine Nationwide Police -...

Load More
  • Trending
  • Comments
  • Latest
6 Altcoins to Buy As Crypto Bull Market Gets Crazier: Banking Veteran

6 Altcoins to Buy As Crypto Bull Market Gets Crazier: Banking Veteran

November 7, 2021
Tesla To Accept Shiba Inu Coin and will hit $0.1 in 2021!!

Tesla To Accept Shiba Inu Coin and will hit $0.1 in 2021!!

November 1, 2021
Bitcoin Mining Noise Drives Neighbors Nuts—a Giant Dentist Drill That Won’t Stop

Bitcoin Mining Noise Drives Neighbors Nuts—a Giant Dentist Drill That Won’t Stop

November 12, 2021
Pro-Crypto Candidates Seek an Easier Way to Accept Bitcoin, Altcoins

Pro-Crypto Candidates Seek an Easier Way to Accept Bitcoin, Altcoins

October 22, 2021
5 Hotels Accepting Cryptocurrency as a Payment Method

5 Hotels Accepting Cryptocurrency as a Payment Method

0
Top cryptocurrency prices today: Bitcoin, Dogecoin, Ethereum gain up to 5%

Top cryptocurrency prices today: Bitcoin, Dogecoin, Ethereum gain up to 5%

0
Four Emerging Altcoins Soar 101% or More Within Seven Days As Crypto Markets Ignite

Four Emerging Altcoins Soar 101% or More Within Seven Days As Crypto Markets Ignite

0
ADA Price Prediction: Cardano Sits and Waits

ADA Price Prediction: Cardano Sits and Waits

0
BITCOIN TRADING LIVE – TECHNICAL ANALYSIS OF ALTCOIN CHARTS – WHAT IS COMING NEXT FOR BITCOINS PRICE

BITCOIN TRADING LIVE – TECHNICAL ANALYSIS OF ALTCOIN CHARTS – WHAT IS COMING NEXT FOR BITCOINS PRICE

February 16, 2023
Large Bitcoin BREAKOUT Coming SOON? TOTAL Market Cap Rallies Past New HIGH!

Large Bitcoin BREAKOUT Coming SOON? TOTAL Market Cap Rallies Past New HIGH!

February 16, 2023
Cryptocurrency Public & Private Keys

Cryptocurrency Public & Private Keys

February 16, 2023
CARDANO FOUNDER REVERSES ON COIN BURN

CARDANO FOUNDER REVERSES ON COIN BURN

February 16, 2023

Recent News

BITCOIN TRADING LIVE – TECHNICAL ANALYSIS OF ALTCOIN CHARTS – WHAT IS COMING NEXT FOR BITCOINS PRICE

BITCOIN TRADING LIVE – TECHNICAL ANALYSIS OF ALTCOIN CHARTS – WHAT IS COMING NEXT FOR BITCOINS PRICE

February 16, 2023
Large Bitcoin BREAKOUT Coming SOON? TOTAL Market Cap Rallies Past New HIGH!

Large Bitcoin BREAKOUT Coming SOON? TOTAL Market Cap Rallies Past New HIGH!

February 16, 2023

Categories

  • Altcoin
  • Bitcoin
  • Blockchain
  • Cardano
  • Cryptocurrency
  • Ethereum
  • Ripple
  • Videos

Bitcoin Currency Converter

Cryptocurrency Prices by Coinlib
  • Privacy & Policy
  • About Us
  • Contact Us

© 2021 Copyright Crypto News

No Result
View All Result
  • Home
  • Cryptocurrency
  • Bitcoin
  • Altcoin
  • Cardano
  • Ethereum
  • Blockchain
  • Ripple
  • Videos

© 2021 Copyright Crypto News